Friday, January 10, 2025
Description: Editor Disclaimer: The numbers presented in this article represent only reported cases. Research indicates that only 1 in 10 victims report their losses, meaning the true damage caused by crypto scams could be up to ten times higher. Cryptocurrency scams pose an increasing risk to financial systems globally. They not only destroy confidence in digital currencies but also destabilize markets globally, causing huge economic losses. We, at PAYBACK, offer forensic blockchain analysis services to assist victims in recovering their lost assets. The article tries to evaluate the crypto scam effects on various industry fields, with emphasis on the key statistics and trends.
One of the industries most affected by crypto scams is the financial sector. In 2024 alone, stolen funds in total grew by about 21% from year to year, totaling $2.2 billion. Alarming as this is, North Korean hacking groups stole $1.34 billion, representing 61% of the entire stolen amount during the said year. These illicit deals destabilize currencies and deter institutional investment in cryptocurrency.
Recurring investments like Ponzi and pyramid scams are still conning the victims with unregulated assurances of great returns. The amount sent to the crypto investment scams in 2023 stood at $12.5 billion compared to $13.9 billion in 2022. The reduction is possibly a result of heightened vigilance, considering the scammers never stop finding ways to advance and attack fresh victims using enhanced social engineering skills.
Cryptocurrency is among the key enablers of cybercrime, specifically ransomware attacks. In 2021, crypto transactions amounting to $14 billion were attributed to illicit use, including cybercrime, money laundering, and terror financing. Ransomware attacks destabilize companies, critical infrastructure, and even governments, resulting in billions of financial and operational damages annually.
Cryptocurrencies provide a convenient means for criminals to launder criminal proceeds. In the year 2021, a whopping $8.6 billion of cryptocurrency was laundered, which is a good 30% more than in the previous year. DeFi applications form easy hunting grounds, as $2.2 billion worth of DeFi protocols were stolen in 2021, which counted for 72% of the total cryptocurrency stolen that year. All these figures suggest the need for much tougher compliance and forensic tooling for tracking the stolen assets.
Darknet markets persist, leveraging cryptocurrencies to carry out illicit trade. Illicit trade of drugs through such markets rose to $1.6 billion in 2023 from $1.3 billion in 2022. While total crypto crime is diminishing, darknet markets have continued to be very resilient, which has been creating constant challenges for law enforcement departments across the world.
The pig-butchering scam is an elaborate con that focuses on exploiting the human emotion of love by scammers. By selling the investment fraud software, these fraudsters could dupe their victims into billions of dollars lost in 2022 alone. Putting on fake love interest facades, they carried out the schemes. One person, a victim of one such scam in the US, recently got back $210,000, proving just one of the many devastating effects these scams can bring.
With the rapid growth of the crypto market, financial stability is increasingly at risk. The cryptocurrency market reached a combined market capitalization of over $2 trillion in September 2021, the figure being almost ten times that of early 2020. The governance structure and risk controls of many entities in this ecosystem could put them at potential risk for widespread financial dislocation.
The extent of crypto scams is far and wide from their specific victims—such scams pose a systemic risk to the global economy. We at PAYBACK are the leaders in forensic blockchain analysis, helping victims trace and recover their lost funds and supporting law enforcement agencies worldwide.
With the changing nature of crypto scams, our counterparty must change with it. Improved security, regulation compliance, and public education are the elements that will help us avoid loss of funds through fraud. We can create a safer, more transparent digital financial system together.
If you’ve been affected by a crypto scam, you are entitled to a report to recover your money.
What if a single act of strategic analysis could expose a web of financial misconduct and drive change at the highest levels of government? PAYBACK did just that. Through groundbreaking blockchain forensics, we revealed the financial ties between UNRWA and terror activity—a discovery that led directly to a historic policy shift.
Read MoreMonday, March 31, 2025
In a world where financial scams are becoming increasingly sophisticated, understanding the warning signals scammers send can make the difference between protecting your assets and becoming their next victim. At PAYBACK, we specialize in recovering lost funds and empowering individuals to identify the red flags before it’s too late. Here’s what you need to know to stay vigilant.
Read MoreFriday, March 28, 2025
When you’re the victim of a crypto scam, your first instinct is to turn to law enforcement for help. It’s the natural and responsible thing to do—but is it always the most effective? In the fast-evolving world of cryptocurrency scams, where billions vanish without a trace, traditional avenues like law enforcement can sometimes fall short. Here’s why, in certain cases, going public with your story through the press can yield faster and more impactful results.
Read MoreFriday, March 28, 2025
Every American, consciously or unconsciously, silently is a perpetrator of crypto fraud. It sucks $53 billion every year out of the economy of the U.S., and this is not on the side of victims only. The amount is, therefore, the implicit economic burden at $158.68 headcount in loss. The necessity of having a recovery service for cryptocurrencies is immense. Worse, more than 6 million Americans—or 1 in 56 people—fall prey to those scams yearly. This is not a niche problem. Instead, it’s an industrial-scale operation run by organized crime, exploiting regulatory blind spots and technological loopholes to siphon wealth at an unprecedented rate. For the victims of such frauds, the best crypto scam recovery can help recover their lost resources. With the popularity of cryptocurrency recovery services, now is the time for victims to fight back. A well-established process of crypto recovery can make all the difference between the successful recovery of stolen funds and combating fraud. The surging number of crypto scam cases is why there’s great urgency in discovering protective measures and solutions in
Read MoreWednesday, March 26, 2025
Scammers are not just ordinary crime perpetrators—they are strategists. They master the manipulation of psychology, social engineering, and leading-edge technology together to prey upon people when they are vulnerable. You may feel secure with your Facebook and Instagram accounts since you have a password, but let me tell you—it is so different. Life changes, whether through happy events or adversity and scammers take advantage of these moments. They know how to exploit your emotions and financial situation. This is where crypto investment scam restitution comes into play—victims often feel they have no other option but to trust these scammers. Recognizing the need for help, many turn to the best crypto scam recovery services, which specialize in tracking down and recovering lost funds. With the right tools and strategies, crypto recovery services work tirelessly to assist victims in reclaiming what they have lost. If you find yourself a victim of such deceit, remember that crypto recovery is possible with the right experts guiding you.
Read MoreFriday, February 21, 2025
Crypto phishing scams are becoming the deadliest forms of cyber fraud. The tricksters specifically target the users of cryptocurrencies by using wallet services, exchanges, or investment platforms that are similar in appearance to compromise sensitive credentials and steal money directly from these wallets. It can be described by its victims as very convincing scams. As one victim puts it, “The website looked exactly like the one I used every day. The logo, the colors, even the URL seemed legitimate. I did not realize I was being scammed until my wallet was empty.”.”If you find yourself a victim, it’s important to act quickly and seek crypto recovery services. These experts can help recover funds from crypto phishing scams and provide you with the support you need to reclaim funds from crypto phishing.
Read MoreTuesday, February 18, 2025
Once scammed, you might feel that you are taken back into the dark without any clear answers, resources, or even a path to follow. That’s where PAYBACK shines with advanced technology but a compassionate professional team that helps support the victims throughout the recovery process. Our crypto recovery service is there to help you recover what has been lost. Nobody can promise to get all the money back, but with our unique blend of cutting-edge blockchain analysis tools and empathetic, victim-centered care, every case will be treated with precision, understanding, and hope. Regardless of whether you seek crypto recovery or lost crypto recovery, we have taken a deep interest in walking through every single process.
Read MoreWednesday, February 12, 2025
The crypto recovery process, in any case of stolen cryptocurrency, requires technical know-how and a collaborative approach; these cases haven’t been possible within the typical time frame for most expecting recovery. But for PAYBACK, what matters most to us are transparency and efficiency in what we accomplish; that’s why we make sure to put everything through very careful scrutiny and review before taking on each client. Whether it’s crypto investment scam restitution or retrieval of stolen assets, our specific approach will mean that each case is approached carefully and precisely.
Read MoreSunday, February 09, 2025
