Scammers revenue plunges despite rise in COVID-19 scams

Scammers revenue plunge

With the evident increase in the number of crypto scam in the crypto community, scammers revenue plunge as Chainalysis blockchain forensics firm reports that the average value of transactions received by wallets of known scammers dropped by 30% last month.

Scammers during this pandemic have been preying on people’s fear, deceiving them to download malicious apps or donate to false charity to rob people of their digital assets. Reportedly, scammers, who also claimed to have a cure for coronavirus, also have not had fortune smiling at them.

Scammers revenue plunge was, however, imminent following the crash in the crypto market last month as the unfortunate event affected every sector in the crypto world.

Scammers revenue plunges from $10k to $5k

According to the Chainalysis blockchain forensic report, the total amount transferred to scam wallets amounted to around $10,000 but now reduced in the last two weeks to between $5,000 to $7,000.

Scammers revenue plunges despite rise in COVID-19 scams 1

Reportedly, the numbers of scams attributed to COVID-19 have been hyped with the higher number of scams linked to investment in Ponzi schemes.

Thriving email scam amidst pandemic

Even with coronavirus scammers revenue plunge, Chainalysis reports that there has been a resurgence in the number of email scams as the pandemic is changing the narrative, enabling scammers to trick victims into providing access to their wallets. Some other scammers trick investors into sending crypto to them under pretense.

Just last week, Chainalysis uncovered an email scam where scammers impersonated Centre for Disease Control and Prevention requesting donations to research different COVID-19 treatments.

COVID-19 Blackmail scam format

Part of the new scam format uncovered by Chainalysis is the sinister blackmail scheme capitalizing on coronavirus. The format is quite different from the regular blackmail scheme where scammers claim to have certain information they would leak to family and friends if they are not compensated.

The latest pattern originated from a certain individual confirmed to be infected with coronavirus with the person demanding certain ransom in crypto coin or spread the virus to the email recipient, family, or friends.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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