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A new study revealed that cryptocurrency-related scams almost doubled over the last year. However, forecasts are not optimistic going forward, as the report forecasts another significant increase in the number of cases in 2021.

Research Scanned Over 300 Million Websites

According to the “Cryptocurrency Scam Report†published by fraud prevention company Bolster and shared with Bitcoin.com News, the correlation with the surge of cryptos’ popularity and the coronavirus pandemic boosted the figures of crypto scams in 2020.

Bolster analyzed over 300 million websites and found out that more than 400,000 crypto scams were created over the last year. In fact, it represents a 40% increase in comparison with the numbers seen in 2019, said the study.

With such a number in place, and considering the bitcoin (BTC) becoming increasingly mainstream, crypto scams could witness an increase of 75% in 2021, stated Bolster.

Shashi Prakash, co-founder and CTO of Bolster, told Bitcoin.com News:

Chainlink Is Among the Top Three Cryptos Used for the Scams in 2020

Most of the scams were related to fake prizes, giveaways, or sweepstakes, as well as celebrity impersonations. Elon Musk, John McAfee, and Yusaku Maezawa were the top three celebrities impersonated over 2020.

Also, the top three of the most used cryptos for the scams were bitcoin (BTC), ethereum (ETH), and chainlink (LINK). Moreover, scammers impersonated crypto exchanges such as Binance, Coinbase, and Gemini.

The Cryptocurrency Scam Report provided further details on the correlations found during the research:

What are your thoughts on the study’s findings? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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