The scam market has high profits, no taxes, minimal effort, and zero risk
Whale Alert has found that $38 million in bitcoin alone have been stolen by scammers over the past 4 years, $24 million of which during the H1 2020.
By the end of 2020, the scam market is expected to have grown over twenty-fold since 2017.
The report states that some of the most successful scams made over $130,000 in a single day with just a one-page website, a bitcoin address, and a decent amount of YouTube advertising.
Another managed to gain over $1.5 million for 6 months by promoting a fake exchange with an amateurish website riddled with spelling errors.
In fact, the scam market seems to come with a growth in professionalism and aggressiveness. It started with a bulk sent sextortion emails and malware.
For now, it has evolved into fake enterprises offering round the clock “customer support” with websites and fake social media accounts used for promotion.
We’ve reported that 2.6 million Brits have bought cryptocurrency, with significant growth over the last year.