Scammers Netted $7.7 Billion worth of Cryptocurrency in 2021

A new report confirms that cryptocurrency-based crimes posed “one of the biggest threats to cryptocurrency’s continued adoption.”

Blockchain analysis firm Chainanalysis has revealed startling details about the devastation cybercriminals managed to cause during 2021. According to a preview of its “2022 Crypto Crime Report” due to be released in February 2022, cryptocurrency-oriented scammers and cyber criminals grabbed around $7.7 billion worth of cryptocurrency from their targets this year. This marks an 81% increase in losses compared to the statistics released in 2020.

Cryptocurrency-based Crime- The Biggest Threat

Around $1.1 billion of the overall $7.7 billion in losses accounted for one particular scam that targeted users in Russia and Ukraine. Chainanalysis confirmed that cryptocurrency-based crimes posed “one of the biggest threats to cryptocurrency’s continued adoption.”

SEE: Hackers steal $600 million in largest-ever cryptocurrency heist

The number of scam addresses deposits decreased to 4.1 million from 10.7 million, indicating a drop in individual scam victims. Moreover, scammers’ money laundering tactics more or less remained the same, as compared to last year, since most of the grabbed crypto transferred through scam addresses ended up at mainstream exchanges.

Rug Polls- Main Source of Cryptocurrency Losses

Rug Polls were declared one of the

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