Crypto Scam had emerged as a recurring problem in the system. The firm named Chain Analysis has revolutionized security for cryptocurrency as we see a massive decrease in crypto scams. Blockchain mechanisms have led to a decline in the percentages of crypto scams. However, fraudulent people have restarted their business. The people asking for ransoms are seen to have acquired a lot of money in a period of just six months.
Through a survey, it was viewed that the crypto scam mainly occurred in the bull markets. However, it has yet to take that discourse in this year of 2023. The crypto scam decline has led to an air of enthusiasm across the world.
Transaction activities have also led to a decrease. Kim Grauer feels that the collection of scam money would end as people have become aware of it properly. Now, people are unlikely to fall for the tricks of the attackers of the scam business. The campaigning by the government and the social media platforms have contributed significantly to the reduction of people getting cryptocurrency scammed as they have been successful in reaching out to people with sufficient information. It is felt that AI technologies might get in used for cryptocurrency scams in the future.
Crypto Scam Reaching A Higher Level Through Big Firms
The frauds dealing with the crypto scam business have gone way bigger than usual. This is what has helped them in keeping their collection high despite the widespread awareness. They have started targeting big firms and are working towards their weak points in order to steal their credit. Currently, these frauds are working towards their largest collection after the ones in 2021.
Andre J. Davis of Chainalysis feels that there should be more security towards the cryptocurrency scam and we should have funds and systems for that. It is felt that illegal transactions would increase. There is a huge risk of crypto scams with the attackers asking for a ransom.