Research from Chainalysis, the blockchain data company, has revealed worrying signs about the growth of crypto scams in China. Forty-three per cent of fraudulent inflows have gone to wallets that only became active this year, the highest amount of year-to-date (YTD) inflow into new wallets.

Previously, the highest number of scams in new wallets was 29.9 per cent in 2022. Interestingly, while crypto scams might be on the rise, their lifetime has actually decreased. According to the second part of the Mid-Year Crime Update, in 2020, scams that started at the beginning of the year lasted 271 days. Meanwhile, for scams beginning in 2024, the longest they have lived is 42 days.