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Crypto Scams Reach New Heights in 2020 With $24M Stolen So Far

R Richard M. JULY 17, 2020 1 minute read

Whale Alert alleges that crypto scams are skyrocketing so far in 2020.

A report revealed,scammers made off with around $24 million in Bitcoin in the first six months of 2020.

Bitcoin scammers have reportedly swiped $24M this year https://t.co/eFHBL5duUy pic.twitter.com/OAcCCZrYU6

— New York Post (@nypost) July 13, 2020

Whale Alert tracks large transactions of cryptocurrency and worked with Scam Alert to produce a “crime reporting, tracking and analysis” report. The initial analysis of a report revealed on a Medium post showed that $38 million in bitcoin was stolen over the past four years (excluding Ponzi schemes).

Whale Alert reported that most successful scams made over $130,000 in a single day. The tracking service highlighted more successful operations such as “the Giveaway,” which features a celebrity, such as Elon Musk, which can net around $300,000. So businesses need to know how to avoid bitcoin scams and stay a step ahead.

Whale Alert claimed that the change in methodology and the increase in quality and scale says that entire professional teams are now behind some of the most successful ones and it is just a matter of time before they start using deepfakes to revolutionize the scam market.

Bitcoin scams are rising at a high pace. Furthermore, Whale Alert projects upwards of $50 million in revenue for scammers by the end of the year.

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