Scams again emerged as the dominant form of cryptocurrency-based crime by transaction volume, a preview of Chainalysis’ Crypto Crime Report revealed.

This year’s crypto scam revenue topped $7.7 billion, up 81% compared to 2020, according to the blockchain data platform.

Crypto scams in 2021

Compared to 2020, this year’s crypto scam revenue increased substantially, although still not topping the all-time high reached in 2019.

The report singled out the Finiko Ponzi scheme, which targeted Russian speakers throughout Eastern Europe, taking in more than $1.1 billion from victims in 2021.

“While total scam revenue increased significantly in 2021, it stayed flat if we remove rug pulls and limit our analysis to investment scams–even with the emergence of Finiko,” read the report.

According to …