A new report from blockchain analysis firm Chainalysis reveals that the ongoing 'crypto winter' didn't force crypto crime into hibernation.
in 2022. Most of them, unsurprisingly, never attained any meaningful hold in the market—fizzling out with just a handful of trades to show for the effort. But, of the 40,521 tokens that did manage to take off, 24% displayed hallmark characteristics of being outright scams, according to Chainalysis’s assessment. That means that, within their first week of launch, those coins experienced a 90% price drop.
artificial inflation of value. Then, once the asset has skyrocketed on the marketplace, the scammers quickly offload what they have in exchange for a more stable token or cold, hard, fiat cash. Victims are left with a valueless shell of the investment they once bought into, hook line,“Unfortunately, pump and dump schemes have also become common in the crypto world.
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