This is arguably the best time to buy cryptocurrency if you are considering jumping into the market.
It’s now safer than ever to buy crypto given how scams have plummeted.
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Scams on the cryptocurrency market have declined in terms of volume by 15% year over year as prices seem to cool off, report shows. Total scam revenue for 2022 reached $1.6 billion, which is lower than in 2021, 2020 and 2019.
The overall crypto market fell by a similar amount between January and July this year, as bitcoin and other cryptocurrencies suffered prolonged price declines.
Chainalysis, who complied the report, attributed the decline in successful scams to “inexperienced” investors leaving the market; The numbers suggest “fewer people than ever are falling for cryptocurrency scams” due to scams being less enticing to potential victims due to price drops.
The researchers also said the results are also skewed due to the comparatively large PlusToken and Finiko scams in 2021, which netted $3.5 billion in total scam revenue.
Conversely, they notes the largest scam of 2022 so far has only netted $273 million and is related to cannabis investing platform JuicyFields.io, which has reportedly locked investors out of their accounts on their cannabis-focused “e-growing” service.
Scammers took home a record $14 billion in cryptocurrency in 2021, thanks in large part to the rise of decentralized finance (DeFi) platforms, according to new data from blockchain analytics firm Chainalysis.
In Kenya, hundreds are crying foul after losing their hard-earned cash to these scammers all in the name of making a quick shilling.
DeFi is a rapidly growing sector of the crypto market that aims to cut out middlemen, such as banks, from traditional financial transactions, like securing a loan, by using blockchain technology.
Many of the fraud threats facing investors today involve private offerings, which are exempted from federal law registration requirements. States are also preempted from enforcing investor protection laws related to these private securities.