Crypto Criminals Stealing Much Less Money in 2023: Chainalysis Report

Scammers and hackers have seen significantly less inflows through mid-June.

AccessTimeIconJul 12, 2023 at 1:00 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto crimes are raking in far less revenue this year due to a dry-up among hacks and scams, according to a mid-year report from Chainalysis, which tracks illicit wallet addresses.

Through the end of June, the industry’s total losses to illicit actors ranged near $2.5 billion and had fallen 65% relative to mid-2022, whereas legitimate actors were experiencing a “much less severe” drop in inflows during the sluggish bear market, Chainalysis said.

Scammers in particular are pulling in billions of dollars less this year. Chainalysis said two of the biggest operations – VidiLook and Chia Tai Tianqing Pharmaceutical Financial Management, both of which exit scammed investors to whom they promised lofty returns – disappeared. They haven’t been replaced in spite of bitcoin’s 83% rally year to date, a price surge that usually emboldens opportunistic schemers.

Impersonation scams are, however, bucking the trend: they’re duping nearly 50% more people this year than last. As a result, scammers who pose as authority figures are seeing only a 23% drop-off in overall inflows, whereas all other scams are down 70%.

Unfortunately, it's not all bad news for the bad guys. Chainalysis said ransomware attackers are far outpacing their 2022 haul, with nearly $450 million extorted so far. Attackers are finding success across the board by infecting big and small organizations with targeted ransomware as well as less sophisticated “spray and pray” packages.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Danny Nelson

Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about