Cryptocurrency related scams have taken a total of $381 million from victims so far this year. This figure makes crypto scams the largest category of cryptocurrency-related crimes so far in 2020.

Chainalysis data still shows current figures are well below those seen in 2019. In 2019, scams accounted for 74% of crypto-related crimes.

The current 2020 drop in value of crypto scams is attributed to the absence of a major scam like the Plustoken Ponzi scheme.

Crucially, Chainaylsis’ data also shows that the share of cryptocurrency-related crimes to overall crypto activity remains well below 1%.Scammers Steal $381 Million in 2020 While Twitter Hackers Direct Funds to MixersStill, the blockchain analytics firm cautions that current figures are only preliminary. The final figure might grow as more previously unreported scams are uncovered.

Meanwhile, in its comments on the 15 July Twitter hack, Chainalysis notes that the “scam perpetrated by the hackers isn’t new either.”

The impersonation of a notable person or company on social media and the imploring of users to send them cryptocurrency in return for more later…

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