$7.8B lost in crypto ponzi and pyramid schemes in 2022: Report
Illicit activities related to crypto increased across the sector in 2022 despite an overall market downturn. According to a report published by blockchain intelligence firm TRM Labs on June 28, a combined $7.8 billion was paid to crypto currency pyramid and Ponzi schemes worldwide in 2022. In addition, another $1.5 billion in crypto was alleged by TRM to have been spent on darknets for illicit activities, while another $3.7 billion in crypto was lost in hacks or exploits. In total, $9.04 billion in crypto were sent to all types of financial fraud schemes , as alleged by TRM Labs. Despite a collapse in crypto currency prices from the ongoing bear market, it appears that there has been no corresponding slowdown in crypto -related crime. The firm wrote: "Investment fraud centers on the solicitation of funds for fraudulent investments or projects; these often involve fake initial coin offerings (ICOs), unregistered securities or fraudulent investment platforms. Investment fraud...