Advertisement
AD

Main navigation

Hackers Stole Almost $2 Billion Worth of Crypto in July 2022: Report

Advertisement
Wed, 17/08/2022 - 8:11
Hackers Stole Almost $2 Billion Worth of Crypto in July 2022: Report
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Despite the overall downfall of the digital assets industry that caused up to 70% corrections on some cryptocurrencies, the illicit activity on the market has not fallen for a moment, as the Chainalysis report shows.

Advertisement

According to the monthly cryptocurrency value received by illicit entities chart, the volume of funds that hackers received in their wallets is still moving in an uptrend despite the plunge of the market.

Chainalysis data
Source: Chainalysis

As of July, hackers stole a bit less than in the same period in 2019 and 2021, but the situation may change in winter as it is usually the most profitable month for a group of users who conduct illicit activities, scamming and hacking included.

On the positive side, we can see a notable decrease in the cumulative monthly value received by scams. At press time, the total revenue of scammers sits at $1.6 billion, which is 65% lower than where it was through the end of July of last year.

Related
SEC Accuses Ripple of Advancing Inconsistent Arguments Regarding Hinman Emails

The main reason behind the decreasing revenue made by scammers can be tied to the correction of the market, which pushes away new retail investors who are usually the main target of scammers in the cryptocurrency industry.

In addition to the drop in overall scam-related volume, we are also seeing the decrease in the cumulative number of transfers to scams in 2022, which may signal increasing education among investors about scamming or suspicious projects.

Since 2021, no major scam projects of the same caliber as PlusToken or Finiko appeared in the space, which is why the cumulative volume only comprises a batch of small projects that collected far less than $100 million per run.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD