For the Eastern Europe region, crypto scammers do not have to do much, as they are easily targeted and fell into the trap quite easily. This is so true because Chainalysis report suggests that Eastern Europe tops in sending crypto funds to malicious addresses out of the region which mostly belongs to the scammers. The report notes that approximately 815 million dollars worth of crypto was sent alone in 2020 by the region to fraudulent schemes.
There is a reason why crypto fraudsters target mainly the victims from Europe. The reason is that Eastern Europe is at the top who has been sending crypto funds across the borders. However, a portion of this fund is surprisingly landing directly into the wallets of crypto fraudsters.
Chainalysis, which is an independent online crypto-specific researcher and analyst, has published a report. The report deals with the crypto funds sending out of the Eastern Europe region into other regions. Chainalysis report notes that US$815 Million was sent to scammers from the region during the period from June last year to this July. The report suggests that people living in the region have been exposed to crypto frauds a lot. Statistics show that they assume that they are investing in legit crypto schemes, however, they are in fact false schemes. Although, they are aware that there is too much fraud happening in the crypto market, yet they fail to properly check.
The report further suggests that even their online visitation data suggests that they frequently visit phony crypto websites. In this also, they are ranked at number one spot amongst nations, who happen to visit false websites. Are they so easy-going that they can be scammed so easily? Or are they just don’t bother to carry out checks and balances?
It is a fact that Eastern Europe is one of the biggest crypto adopting regions. It even surpasses regions such as Africa and Asia. But when it comes to ascertaining the difference between an authentic and fraud crypto scheme, they fail. They may not be aware also that most of their scammed money is going into the markets at Darknet. For instance, the data reveals that the money scammed from the region is mostly landing in Hydra Market – a notorious Darkent marketplace.
This is an alarming situation for the people living in the Eastern Europe region. There is a genuine need that investors should be made more aware to differentiate between a fraud and a genuine crypto activity. Already too much money has been lost and there hasn’t been any marginal change in the situation. In fact, the statistics prove that the scammers have been able to scam more funds out of the region. Last year alone, the money scammed from the region, was more than US$ 815 Million.