Crypto-fraud. Trends for 2022
Original data and research on crypto-fraud based on the Chainalysis report.
→ Total amount of funds received illegally
→ Share of illicit funds in relation to net funds
→ Total amount of funds laundered per year
→ Number of transactions depending on volume
→ The amount of stolen funds that is used in certain resources
→ Number of NFT sales between sub-addresses by sellers
→ Percentage of funds stolen using the most common types of programs
→ Total value stolen by type of attack
→ Number of offenses on different types of platforms (services)
→ The amount of funds received by various services
→ The amount of stolen funds by year depending on the type of scam
→ Top 15 rug pulls by cryptocurrency value stolen
→ Summary
→ Share of illicit funds in relation to net funds
→ Total amount of funds laundered per year
→ Number of transactions depending on volume
→ The amount of stolen funds that is used in certain resources
→ Number of NFT sales between sub-addresses by sellers
→ Percentage of funds stolen using the most common types of programs
→ Total value stolen by type of attack
→ Number of offenses on different types of platforms (services)
→ The amount of funds received by various services
→ The amount of stolen funds by year depending on the type of scam
→ Top 15 rug pulls by cryptocurrency value stolen
→ Summary
Total amount of funds received illegally
At the same time, the volume of transactions in 2021 grew to 15.8 trillion dollars, which is 567% more than in 2020.
From these statistics, we can summarize the fact that the total number of frauds, however, has become less compared to 2020.
From these statistics, we can summarize the fact that the total number of frauds, however, has become less compared to 2020.
Share of illicit funds in relation to net funds
Money laundering - giving a legal form to the possession, use or disposal of money or other property obtained as a result of a crime, that is, their transfer from the shadow, informal economy to the official economy in order to be able to use these funds openly and publicly.
Total amount of funds laundered per year
It should be noted that this data in the table below only takes into account the funds involved in crypto-native crimes, for example, activities on the dark web, in which almost all transactions are crypto-currency payments.
To launder funds, fraudsters resort to various methods of hiding such funds, which can also be reflected in statistical form. Cryptocurrency companies are required in many countries to audit and report on all transactions over $1,000. As you might expect, rogue addresses are more likely to send funds up to the $1,000 threshold.
Number of transactions depending on volume
Funds obtained illegally are on the balance of fraudulent addresses and are used for various purposes. For example, most of the funds are somehow involved in darknet activities. However, according to statistics from 2017, most of the stolen funds were not used, so such funds should be characterized as “stolen funds”. More details on the chart.
The amount of stolen funds that is used in certain resources
One of the money laundering methods is NFT.
The method is to create a set of personal sub-addresses. The attacker buys NFT, and resells it to his sub address, and repeats this dozens of times. Thus, he clears his funds through the NFT marketplace. The only problem with such a scheme is that it is easy to trace, as well as possible commission costs that do not cover the profit from laundered funds.
Number of NFT sales between sub-addresses by sellers
From the data above, it can be noted that seller #1 sold NFT 830 times in a closing triangle scheme: scammer → marketplace → scammer sub address.
It is important to understand that funds are often stolen directly not by the attacker himself, but by various programs. They can be described as "Malware". The most common of them:
PERCENTAGE OF FUNDS STOLEN USING THE MOST COMMON TYPES OF PROGRAMS
- 1%Information thieves
Collects saved credentials, files, autofill history and cryptocurrency wallets from hacked computers.
Example: Redline
- 1%Clippers
Can paste new text into the victim's clipboard, replacing the text copied by the user. Hackers can use clippers to replace the address to which the cryptocurrency is transferred by a regular user. The address is copied to the clipboard along with their own, which allows an attacker to redirect scheduled transactions to their own wallets.
Example: HackBoss
- 73%Cryptojackers
Unauthorized uses the computing power of the victim device in order to mine cryptocurrency.
Example: Glupteba
- 19%Trojans
A virus that looks like a legitimate program but infiltrates the victim's computer to disrupt, steal, or cause other types of harm.
Example: Trojan Mekotio banking
Historically, crypto thefts have mostly been the result of security breaches. Through this, hackers gain access to victims' private keys - the crypto equivalent of pickpocketing.
These keys can be obtained through phishing, keylogging, social engineering, or other techniques. From 2019 to 2021, almost 30% of all value was stolen by these types of hacks.
These keys can be obtained through phishing, keylogging, social engineering, or other techniques. From 2019 to 2021, almost 30% of all value was stolen by these types of hacks.
Total value stolen by type of attack
Number of offenses on different types of platforms (services)
Unfortunately, the trend of the cryptocurrency market shows a positive increase in cryptocrimes.
It is difficult to say what has increased more and what has increased less, because the volume of stolen funds has changed dozens of times, and over the year the number of services has increased no less. Statistics showing the destination of the stolen funds will help us find the answer to this question.
The amount of funds received by various services
In the chart above, attention should be paid to the dominance of “CEX exchangers”, which, until 2020, occupied a large percentage. In 2021, everything has changed dramatically.
In 2019, the concept of DeFi was introduced, in 2020 it became widespread, but it took time for scammers to get used to it.
Thus, DeFi in 2021 took the “leading position” from CEX exchanges. It is worth considering that DeFi includes such services as, for example, DEX exchanges. This information is also confirmed by the following statistics.
In 2019, the concept of DeFi was introduced, in 2020 it became widespread, but it took time for scammers to get used to it.
Thus, DeFi in 2021 took the “leading position” from CEX exchanges. It is worth considering that DeFi includes such services as, for example, DEX exchanges. This information is also confirmed by the following statistics.
The amount of stolen funds by year depending on the type of scam
Rug pull in the crypto industry - malicious actions of developers, which consist in abandoning the project, selling it or removing all its liquidity. More often than not, the team simply runs away with the investors money.
If the phrase is literally translated, then rug pull is “pulling the carpet out from under someone”, unexpectedly losing support. Rug pull has become a very common type of scam due to the DEX functions of exchanges. Over $2.5 billion was stolen using this type of scam.
Top 15 rug pulls by cryptocurrency value stolen
SUMMARY
We summarize our article by saying that these statistics were taken from open sources. The problem is the fact that the number of crypto crimes is growing every year, new types of attacks and fraud appear. Many tools and services are often not ready for such a fast pace, thus falling for the tricks of attackers.
In summary, it is worth noting that many services are not ready to share accurate data on crypto crimes, fearing for their image component. Some services go towards the victims and reimburse the funds “from their own pocket” only so that in the future the crypto crime does not affect the statistics.
In summary, it is worth noting that many services are not ready to share accurate data on crypto crimes, fearing for their image component. Some services go towards the victims and reimburse the funds “from their own pocket” only so that in the future the crypto crime does not affect the statistics.
Be careful!
Don't let scammers fool you - always study and double-check the information available to you.
If you have been a victim of fraud or if you know of any such cases, tell us!
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