Top Crypto Scams in 2022-2024: Analysing Trends, Tactics, and Regulatory Responses

Abstract

Conference Title: 2025 IST-Africa Conference (IST-Africa)

Conference Start Date: 2025 May 28

Conference End Date: 2025 May 30

Conference Location: Nairobi, Kenya

This study analyses the most prominent cryptocurrency scams from 2022 to 2024, highlighting certain trends and common manipulation tactics used by fraudsters during this period. The paper builds upon a previous study that examined the most prominent scams, during the COVID-19 pandemic, between 2020 and 2022, a period characterised by substantial market volatility and heightened investor interest. In contrast, the period from 2022 to 2024 was marked by a bear market, during which investor interest in cryptocurrency declined. Despite this downturn, several significant scams emerged, which are analysed. The findings reveal a significant reported financial loss, highlighting investors' vulnerabilities. The paper does a comparison analysis per year on the type of scams, monetary losses, the founding country of the scams, the number of users affected, and arrests made. By examining the financial impact of these scams, the study aims to provide insight into the scale and severity of fraud in the cryptocurrency market during this period. The paper highlights the dire need for enhanced public awareness and regulatory entities to combat the evolving landscape of cryptocurrency fraud. Lastly, the study aims to inform policymakers, industry stakeholders, and researchers about the pressing challenges in securing the cryptocurrency ecosystem.