Crypto crime levels fall, scams remain big business

What

Cryptocurrency crime levels are falling, but the number and success rate of scams remain doggedly high

Why

Authorities are getting better at beating crypto-crime, and cryptocurrency investors are getting more security conscious

What next

Better blockchain technology will make it even tougher for cyber criminals in the future

The Story

Blockchain data firm Chainalysis has published its research into cryptocurrency crime for 2021, which shows it has fallen to 0.15%.

The total transaction volume across all of the cryptocurrencies that Chainanalysis follows grew to $15.8 trillion in 2021, six-times that seen in 2020. The trend would indicate that crime is becoming a smaller part of the cryptocurrency world, and that law enforcement’s ability to combat cryptocurrency-based crime is improving.

Scams remain the main source of revenue for crypto-criminals, however, as the scammers continue to prey on the investors themselves and their weaknesses rather than attacking the technology itself.

Pratik Gauri, founder of 5ire, a blockchain ecosystem, told MoneyControl.com: “Technology is the answer to tech crimes. Blockchain technology can be very effectively leveraged to prevent these. Smart policing backed by the revolutionary blockchain technology is the answer to prevent such crimes.”

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