In a preview of the 2022 Crypto Crime Report, Chainalysis focused on cryptocurrency-related scams throughout the year. The scams totaled a record $7.7 billion, making them the largest form of cryptocurrency-based crime in terms of transaction volume. These scams are often associated with companies like Finiko, a company that is allegedly backed by cryptocurrency. It is possible to spot a scam within two seconds, and Browning is here to help you avoid getting ripped off.

According to a report from CPR, scammers stole $2.8 billion worth of cryptocurrency in just four days. The CPR says the numbers are not a coincidence, and it is crucial that new users be careful. It’s critical that the crypto community proactively combats the problem. Among the best ways to do this is to use tools like TokenSniffer, which analyzes contracts to look for red flags.

Many of these scams are similar to phishing scams, although the first one is more obvious. The scammers use techniques that target new investors. They lure them with promises of high returns, and then they disappear with the money. Some scams even offer reports of their customers’ performance. The Federal Trade Commission and state and local governments are looking into this. Until then, a lot of the market will remain unregulated.