Although fraudsters can feel the cold winter wind of passwords, due to a 46% drop in fraud revenue, some people re-integrate and develop rapidly, even though the market is in a bear market.

At a webinar on illegal and criminal password crimes dedicated to endangering customers, Eric Jardine, head of online fraud scientific research at blockchain technology analysis company Chainanalysis, explained how fraudsters change their strategies as market conditions change.

According to Jardine, although overall password fraud revenue declined in 2022, not all frauds have similar major manifestations. He explained:

"one of the new innovations in this year's report is to classify individual frauds into different categories," he said. There, it is not difficult to find that in a bear market environment, not all scams have the same main performance.

Although the paralysis of Terra in 2022 made password investors sceptical about project investment, fraudsters turned to other strategies, such as looting greed with free scams and teasing people according to romantic scams. Jardine explained:

"this shows that fraudsters have a kind of integration, and the current market situation makes project investment scams unlikely to make money; they may have replaced their countermeasures with other scams based on different emotions."

According to the information provided by Jardine, once the project investment scam ends reasonably, beauty and giveaway scams will increase, indicating that fraudsters do not simply "play the same desktop over and over again". On the contrary, they can also be changed according to market conditions.

In addition to beauty and gift scams, the online fraud professional also said that a large part of the $5.9 billion damage caused by 2022 fraud is a multi-dimensional marketing promotion scam. Jardine said that among the top scams this year, the very space scam earned about $1.3 billion, or about 22% of the original scam revenue.