News Explorer — Crypto Scams Continue to Reap Millions in Less Time: Chainalysis

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Aug 29, 8:45 pm

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Crypto Scams Continue to Reap Millions in Less Time: Chainalysis

According to a report by Chainalysis, crypto scams are becoming more sophisticated and lucrative for criminals. The report highlights the use of smaller, simultaneous campaigns by criminal groups to evade law enforcement. Scammers are adopting more targeted approaches and utilizing new wallets to carry out their scams. The average lifespan of scams has significantly decreased, indicating a shift towards shorter but more devastating scams. One pig-butchering scam in Myanmar has made over $101 million this year alone.

According to a report by Chainalysis, crypto scams are becoming more sophisticated and lucrative for criminals. The report highlights the use of smaller, simultaneous campaigns by criminal groups to evade law enforcement. Scammers are adopting more targeted approaches and utilizing new wallets to carry out their scams. The average lifespan of scams has significantly decreased, indicating a shift towards shorter but more devastating scams. One pig-butchering scam in Myanmar has made over $101 million this year alone.

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