Cryptocurrency scam victims increase, while revenue from scams decrease 75% in 2020: Report

Scam is the highest-grossing form of cryptocurrency-based crime. However, total scam revenue for cryptocurrencies declined from around $9 billion to under $2.7 billion in 2020, as per Chainalysis crypto crime report. Interestingly, the report claimed that the number of individual payments to scam addresses rose from over 5 million to 7.3 million, suggesting a rise of over 48% in the number of individual scam victims.

Data from the report showed six ponzi schemes accounted for nearly $7…

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