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Watch now: Crypto scammers took home $14 billion in 2021

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Watch now: Crypto scammers took home $14 billion in 2021

Jan 6, 2022
Jan 6, 2022
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Cindy Schroeder

Cindy Schroeder

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Crypto scams and hacks cost investors a record $14 billion in 2021. This is according to new data from blockchain analytics firm Chainalysis. Losses from crypto-related crime rose by 79% from 2020. Chainalysis says that the increase in scams and hacks is in part due to the rise of decentralized finance (DeFi) platforms. DeFi is unlikely to realize its full potential if the same decentralization that makes it so dynamic also allows for widespread scamming and theft, Chainalysis’ Crypto Crime report. However, the firm also says that the growth of legitimate cryptocurrency usage is far greater than the growth of criminal usage. Criminal usage accounted for just 0.15% of the $15.8 trillion in total crypto trade volume in 2021

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The FBI seized the cryptocurrency in February 2022 via a warrant and currently has custody of the property.

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