Ethereum-Based Scam Revenue More Than Doubled in 2018: Report

The value of Ethereum stolen via scams reached $36 million 2018, according to a report released by crypto analytics company Chainalysis on Jan. 23.

According to the Chainalysis report, scams that occurred last year were reportedly more sophisticated, bigger and vastly more lucrative.

Revenue of ETH-involving scams and number of scam victims per year.

From late 2016 to the end of 2018, the report found that over 2,000 Ethereum scam addresses received funds from almost 40,000 unique users.

The report also states that nearly 75 percent of this scam activity happened in 2018 alone.

The most common types scams involving ETH, as Chainalysis reports, are initial coin offering "Exit scams," Ponzi schemes and phishing attacks, the last of which accounted for over 88 percent of scam profits in 2017.

Infection scams that involved ETH are reportedly less common, making up 3.8 percent of 2017's scam revenue.

As Chainalysis reports, the nature of 2018's scam activity was different when compared to previous years.

Chainalysis also reports that the median amount of funds sent to an Ethereum scam diminished by about 50 percent when compared to 2017.

"[a] smaller group of innovative criminals executed more complex Ponzi and ICO exit scams that generated millions of dollars in income.