Cybercriminals Exploit Market Conditions to Thrive in Crypto Scams

cryptoupdate

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Cybercriminals are taking advantage of market conditions to thrive in cryptocurrency scams, With the rise of digital currencies, scammers are finding new ways to exploit unsuspecting victims.​

In 2022, the collapse of Terra caused crypto traders to become wary of investing, leading scammers to pivot towards free giveaways and romance scams. Despite a 46% drop in scam revenue during the crypto winter, scammers have managed to adapt and thrive in the bear market by exploiting unsuspecting consumers.

Eric Jardine, the cybercrimes research lead at blockchain analysis firm Chainalysis, revealed how scammers adjust their tactics in response to market conditions. By sub-classifying scams into different types, Jardine and his team identified distinct patterns in scam behaviour during the bear market...read more here
 
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