According to Chainalysis’s mid-year report, which tracks illegal wallet addresses, crypto crimes have generated far less revenue in 2018. This is due to the dry-up of hacks and scams.

Chainalysis reported that through the end of June the industry had lost a total of $2.5 billion to illicit actors, which was a 65% drop compared to mid-2022. Legitimate actors, however, experienced a “much more moderate” decline in the inflows due to the bear market.

Scammers, in particular, are bringing in billions less dollars this year. Chainalysis reported that two of the largest operations, VidiLook Pharmaceutical Financial Management and Chia Tai Tianqing Pharmaceutical Financial Management – both of which promised investors high returns but exit scammed them – have disappeared. The two biggest operations – VidiLook and Chia Tai Tianqing Pharmaceutical Financial Management – have disappeared despite bitcoin’s 83% year to date price increase, which usually encourages opportunistic scammers.

The impersonation scams, on the other hand, are bucking this trend. They’re fooling nearly 50% more people than they did last year. Scammers who impersonate authority figures have seen a drop of only 23% in total inflows. All other scams have dropped by 70%.

Unfortunately, the news is not all bad for the bad guys. Chainalysis reported that ransomware attacks have surpassed their totals from 2022 by extorting nearly $450,000,000. Attackers have found success infecting large and small companies with targeted ransomware and less sophisticated “spray-and-pray” packages.

Read more: Crypto Crime to Reach $20.6B by 2022: Chainalysis