There's been a dearth of positivity and good news for a while now given the horrific effects Covid-19 is having on the world. A bit more time with family and the air getting clearer is what the optimists in these times are turning to, to find solace. To add to it, a <a href="https://www.forbes.com/sites/thomasbrewster/2020/04/10/now-some-good-coronavirus-news-33-of-cryptocurrency-scammer-revenue-wiped-out-by-covid-19/#7015c88f5980" target="_blank" rel="noopener">report </a>shown to Forbes by Chainalysis, a crypto crime tracking startup has is showing that cryptocurrency scammers have been landed a major blow due to the pandemic too.

 Chainalysis reports show that there's a 33% dip in profits made from the top cryptocurrency by market cap, bitcoin. The average amount being made by cryptocurrency scammers via the means of Ponzi schemes and scams have dropped from $4.2 million to $2.9 million since March 8.

The scammers are getting the same number of coins, yet their profits have dropped. This implies that they voracious attempt to make money through illicit activities have been far from successful.
<h2>Bitcoin's Price Drop Has Rattled The Cryptocurrency Scammers</h2>
Probably the biggest culprit in the eyes of the cryptocurrency scammers is the crash in bitcoin's price. Given the huge bloodbath bitcoin endured, if the scammers chose to cash out now, they would not be reaping the same amount.  The report by Chainalysis suggested the value in their native coins gathered by scammers have remained the same but the fall in bitcoin has made their diabolic plans take a back seat, for now.

The reports state that due to the pandemic, more material for fake stories and Ponzi schemes is at the disposal of the cryptocurrency scammers, however, the drop in price has also dropped the revenue potential significantly. However, the scammers have come up with new tricks to dupe the gullible customers by phishing emails and claiming that they have got the coronavirus and they would infect their family if they fail to make them the payment.

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Cryptocurrency Scammers Are Having a Hard Time- Chainalysis Report

According to a report from Chainalysis, the cryptocurrency scammers revenues have been hit assively by the drop in Bitcoin's price.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

Cryptocurrency Scammers Are Having a Hard Time- Chainalysis Report

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