From Ponzi Schemes to ICO Exits, Ethereum’s Blockchain Has Been the Platform of Choice for Scammers

Ethereum seems to have been the platform of choice for crypto scams over the past two years, but the trends of these scams have changed, according to research.

According to a recent report from crypto analytics specialists Chainalysis, Ethereum (ETH) has become the crypto platform of choice for scam artists. Its research suggests that 2018 saw far more sophisticated, higher-earning scams carried out using ETH, although the actual number of these crimes dropped significantly year on year.

The amount stolen through ETH-based scams doubled from $17 million in 2017 to $36 million in 2018. This equates to 0.01 percent of ETH in circulation.

Chainalysis identified over 2,000 scam Ethereum addresses, which have managed to secure funds from nearly 40,000 unique users in the network. In the space of two years, the modus operandi of scammers seems to have changed, according to data collected by Chainalysis.

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2019-02-04 12:55:00

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Written by Cointelegraph

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