26. September 2023

Scammers Adapt to Crypto Winter: Chainalysis Uncovers New Tactics

• Crypto winter forced scammers to switch their tactics.
• Chainalysis recently hosted a webinar gauging crime trends in the industry market during crypto winter.
• The data revealed how scammers adapted to the developments and volatility of the crypto market- with free giveaway and romantic scams seeing success.

Crypto Winter Forced Scammers to Adapt

Crypto winter caused scammers to adapt their strategies in order to better target victims‘ pockets. Blockchain analytics firm Chainalysis recently hosted a webinar that gauged crime trends in the industry market during this period, revealing how scammers changed depending on the situation. It was found that investment scams were not as successful as they used to be when the market was rallying, leading scammers to resort to luring victims by targeting their greed with free giveaways and romantic scams instead.

Chainalysis Data Reveals Scam Tactics

The data collected by Chainalysis showed various ways in which scammers adapted during this time period. According to Eric Jardine, Chainalysis’s cybercrimes research lead, the catastrophic collapse of Terra last May had a huge impact on these fraudulent entities – causing them to change up their game plan and start “playing the same script over and over” no longer made sense for them. As a result, investment scams were not seeing success as they used to be when the market was rallying – leading scammers towards free giveaways and romantic scams instead.

Free Giveaway Scams See Success During Crypto Winter

Free giveaway scams are designed by fraudsters who offer something for nothing – usually promising rewards or large profits without any actual investment or risk involved from their victim’s side. Such schemes have seen an increase in popularity among malicious actors due to its simplicity and effectiveness at swiping money from unsuspecting individuals who are tempted by what appears too good an offer – often resulting in significant losses for those unfortunate enough fall prey such traps.

Romantic Scams Still Common During Crypto Winter

Romantic scams are another tactic used by criminals during this time period according to Chainalysis’s findings – where these malicious actors will use emotional manipulation techniques against people looking for love online so as extract money from them after building up an illusion of trust between themselves and their victim(s). The perpetrators behind these schemes tend employ convincing methods such as creating fake profiles on social media platforms complete with pictures stolen from other sources, making it difficult for people recognize when they may be falling into such traps until it is too late.

Conclusion: Crypto Winter Forcing Changes In Scam Tactics

Crypto winter has led many malicious actors within this space adopt new tactics in order swindle unsuspecting victims out of their money whilst evading law enforcement agencies attempting bring down such operations – whether through free giveaways or using romance as bait – resulting widespread losses across industries globally regardless of one’s experience level within cryptocurrency markets.