Illicit crypto volumes have been diminishing year-over-year, with scams making the largest drop, according to research by blockchain analytic firm Chainalysis, reports Blockchain.news.
Chainalysis points out: “Total scam revenue for 2022 currently sits at $1.6 billion, 65% lower than where it was through the end of July in 2021, and this decline appears linked to declining prices across different currencies.”
The blockchain analytic firm reports that the drop in scam revenue might be linked to Bitcoin’s bearish momentum, which has seen the leading cryptocurrency decline by at least 64% from its all-time-high price of $69k recorded in November last year.
“Since January 2022, scam revenue has fallen more or less in line with Bitcoin pricing. And as we see on the chart below, it’s not just scam revenue falling — the cumulative number of individual transfers to scams so far in 2022 is the lowest it’s been in the past four years,” said Chainalysis.