Crypto scammers feel the chill: Revenue drops 46% in 2022

Crypto scam revenue was slashed by almost half in 2022 due mainly to falling crypto asset prices, but two scam types managed to stay immune.

Crypto scam revenue in 2022, which includes investment scams, NFT scams and romance scams, among others, amounted to $5.9 billion in the year — down 46% from 2021.

The data came from a Feb. 16 crime report from Chainalysis, which

Romance scams, and particularly “pig butchering scams” have been seen as a growing area of concern within crypto.

For example, a United Kingdom investigation published on Jan. 29 found that half of all crypto companies involved with scams in the state were linked to pig-butchering scams.