Scammers Have Stolen $24 Million In Bitcoin in 2020

Scammers made stolen $24 million in bitcoin so far in 2020 — and they’re not slowing down.

Whale Alert, who monitors and tweets about large Bitcoin transactions, analyzed data from reports and bitcoin addresses using a new blockchain crime tracking tool,

According to Whale Alert, scammers have stolen $38 million in bitcoin in the last four years alone, and this excludes Ponzi frauds. They predict that by the end of 2020, scammers will be generating at least $50 million in yearly revenue.

The scam industry is growing because frauds have become more believable, said Whale Alert. For example, giveaway scams are getting better. These scams use the identities of celebrities such as Elon Musk, coupled with YouTube advertising and a bitcoin address, to pusuade people into sending bitcoin. The methodology used indicates that professionals may possibly be behind some of the most successful scams.

According to the report by Whale Alert, while there are many different scams, all of them share one thing in common: the criminals behind them face no risk of getting caught.

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