While we have seen an overall uptick in cyber crime since the emergence of the coronavirus, there’s good news…
Revenue from cryptocurrency scams has plummeted by more than $1 million in the era of coronavirus, representing a 33% dip, and a notable departure from business as usual.
As the global pandemic unfolded, it sparked a major sell-off of cryptocurrencies, deflating prices. Within a mere 28 days, the bitcoin-to-dollar exchange rate declined by more than 66%.
Cryptocurrency scammers are still attracting victims, but because of the lower value of the currency, they’re now earning significantly less from the transactions than previously. “… cryptocurrency price drops spurred by the pandemic have drastically reduced the revenue of the Ponzi schemes and investment scams that make up most cryptocurrency scamming activity,” reports Coindesk.
If you’re a crypto-investor, you’ll be glad to know that bitcoin is slowly recovering its value. It’s regained 40% of its worth since hitting a low of $3,858 per coin. However, as prices bounce back, scammers could be among the first to profit.
For more information on how the coronavirus has impacted cryptocurrency rates and scams, visit Forbes and News BTC.