Crypto investors spent $4.6B buying ‘pump and dump’ tokens last year

Cryptocurrency investors funneled as much as $4.6 billion into crypto tokens suspected to be part of “pump and dump” schemes in 2022.

A Feb. 16

“It’s possible, of course, that in some cases, teams involved with token launches did their best to form a healthy offering, and the subsequent drop in price was simply due to market forces,” the firm added.

Despite the concerning statistics, in a separate report, the firm noted revenues from crypto scams were cut almost half in 2022 largely due to depressed crypto prices.