Skip to main content may receive compensation from affiliate partners for some links on the site. Read our full Disclosure here.

Not All Places Are Created Equal In Terms Of Crypto—How To Avoid Scams


Transacting inside The U.S. is pretty awesome.

I complain sometimes about the regulatory compliance which seems a bit much at times in this country, but it does allow us to transact on fairly risk free platforms.

Nothing beats peace of mind.

Not all countries are so fortunate though…..

According to a new report from Chainanalysis, Africa is the #1 hotspot for crypto related scams, followed by Europe in the #2 spot, with particular emphasis on Western Europe.

Here’s what the findings were:

A comprehensive report was provided by Chainanalysis:

Addresses based in Eastern Europe have the second-highest rate of exposure to illicit addresses behind only Africa.

Keep in mind too that Eastern Europe has a much larger overall cryptocurrency economy than Africa, as well as Latin America, the third-ranked region for overall exposure to illicit activity. In fact, Eastern Europe is the only region with a total transaction volume of $400 million or more for which illicit activity makes up more than 0.5% of total cryptocurrency value sent and received.

In terms of raw value, Eastern Europe has sent the second most cryptocurrency of any region to illicit addresses, behind only Western Europe.

Daily Hodl dissected the report and notes:

The firm names Ukraine as the country which most visits crypto scam websites, surpassing the United States despite its modest population of roughly 44 million.

Chainalysis says that capturing the lion’s share of crypto-related scams is Finiko, a Russian-based company that was deemed a Ponzi scheme by the Russian central bank and saw its founder arrested in July. Finiko is alleged to have received over $1.5 billion in Bitcoin (BTC) through more than 800,000 separate deposits.

Finiko is one of nearly a dozen perpetrators Chainalysis identifies in a list of top 5 crypto scams within each region of the world.

Want more? To stay up to date on all our news, please follow us on Facebook here:


Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

We Love Crypto
Thanks for sharing!
Send this to a friend