Pourquoi le krach des cryptomonnaies est aussi une bonne nouvelle

Pourquoi le krach des cryptomonnaies est aussi une bonne nouvelle

The fall in the price of cryptocurrencies has its good side. As the value of Bitcoin, Ether and most altcoins has dropped dramatically, scammers are running out of potential victims. Scam revenue has plummeted since the beginning of the year.

cryptocurrency scams made less money to fraudsters in 2022 than last year, reveals a report by Chainalysis, one of the blockchain analytics specialists. Between January and July 2022, criminals accumulated $1.6 billionthat is, 65% less than in the same period of 2021.

© Chainalisis

This drop is the result of the collapse of the cryptocurrency market. Since the end of last year, the value of digital currencies has drastically contracted. King Bitcoin fell back below $25,000, a far cry from its November 2021 high ($69,000). Most of the altcoins also crashed, mimicking stock market values.

Nobody likes a bear market, but the only silver lining is that illicit activity involving crypto has plummeted. Chainanalysis points out.

Shortage of potential victims

As Chainalysis points out, “ scam receipts have decreased more or less in line with the price of Bitcoin”. In addition, it seems that the number of people who have fallen into the traps of cybercriminals has decreased significantly. The number of transfers to fraudulent addresses has reached its lowest level in four years.

Eric Jardine, head of cybercrime investigation at Chainalysis, believes that less and less “ new inexperienced users », the main target of criminals, flock to the market. As always, newcomers enter the world of crypto assets when prices are on the rise. A Statista study also shows that the adoption of cryptocurrencies has also accelerated considerably in 2021.

When the market contracts, people who dream of wealth are not interested in the sector. In this bearish environment, scammers, who promise ” great returns » in the context of passive investments, expensive Scarcity of potential victims.. Difficult to attract fortune-seeking investors when prices have collapsed. The bad press surrounding the Luna accident or the failure of the Celsius platform might also have helped keep new entrants away.

At the same time, black markets on the dark web have also seen declining revenue. Market gains have plunged 43% since April 2022. Chainalysis experts attribute the drop to the takedown of Hydra Market, one of the largest markets on the dark web.

Launched in 2015, the Russian site had 17 million customers. There were mostly guns and drugs. The German police managed to confiscate the servers after years of investigation. A few weeks earlier, another black market, known as WordMarket, also closed. The administrators flew away with the buyers’ money.

Increase in hacks

On the contrary, pirates made more money stealing cryptocurrencies than last year. $1.9 billion in cash was stolen in hacks between January and July 2021, compared to $1.2 billion during the same period in 2021.

crypto trick
© Chainalisis

Several hacks have also marked the ecosystem in recent weeks. These include the hacking of Nomad, a cryptocurrency bridge. By exploiting a loophole, the attackers stole $190 million. Solana, one of the most important cryptocurrencies, was also the victim of an attack. 8,000 investors were robbed in a few hours. More than $6 million went missing during the operation.

A barrier to adoption?

The collapse of the ecosystem has also been accompanied bya decrease in the number of legal transactions. Legitimate transactions are down 36% year over year. The decline is more marked than that of criminal transactions.

crypto transactions
© Chainalisis

While Bitcoin is struggling for around $20,000, a host of new investors have suddenly turned away from the market. Clearly, a large number of people, lured by the lure of earnings in 2021, left the industry in 2022. In particular, they may have stopped injecting funds into their Binance, Coinbase, or Crypto.com account.

Inflation and the increase in raw materials could also have reduces investment capacity of the less fortunate. As the price of gas, wood and electricity increases, it is more difficult to reserve to buy assets. Also, more experienced investors tend to avoid risky investments, such as cryptocurrencies, during periods of uncertainty. However, a study by the Boston Consulting Group (BCG) predicts that the adoption of cryptocurrencies continues to progress. Experts predict one billion cryptocurrency users by 2030.

Furthermore, despite this blood red market, cryptocurrencies continue to attract institutional investors. For example, many US pension funds continue to show an interest in crypto assets, reports the Wall Street Journal. Aware of the risks of this type of investment, they see the market downturn as an opportunity.

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