Crypto scammers steal $7.7 billion from investors in 2021
81% rise from 2020
With crypto assets skyrocketing in popularity in 2021, so has crypto scams. Over $7.7 billion worth of cryptocurrency was stolen from victims worldwide in 2021.
According to a report from blockchain data firm Chainalysis, scams were the largest form of cryptocurrency-based crime by transaction this year, with an 81% rise in scams compared to 2020.
"That represents a rise of 81% compared to 2020, a year in which scamming activity dropped significantly compared to 2019, in large part due to the absence of any large-scale Ponzi schemes. That changed in 2021 with Finiko, a Ponzi scheme primarily targeting Russian speakers throughout Eastern Europe, netting more than $1.1 billion from victims," the report noted.
The biggest change compared to 2020 for crypto scams was rug pulls. In 2021 rug pulls accounted for over $2.8 billion stolen from victims, which is 37% of all cryptocurrency scam revenue in 2021, while last year, it was only 1%.
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