Eastern Europe sends over $ 800 million US dollars in crypto to fraudsters in a single year-Bitcoin News revealed
Eastern Europe sends over $ 800 million US dollars in crypto to fraudsters in a single year-Bitcoin News revealed
of all funds sent from Eastern Europe to illegal cryptocurrency addresses, according to a new report, attract the largest amount. Last year alone, crypto addresses based in the region sent the fraudulent systems to an incredible $ 815 million of crypto.
Eastern Europe leads to volume of illegal crypto transactions
Among the regions of the world with a total volume of at least $ 400 million in the world of at least $ 400 million is Eastern Europe the only one in which illegal activities exceed 0.5% of the total sent and received value, Chainalysis states in a preview of his report Geography of Cryptocurrency 2021. In a Blog entry published on Wednesday, revealed the Blockchain-Forensik company:
Between June 2020 and July 2021 Eastern European addresses sent $ 815 million in fraud, second to Western Europe.
crypto addresses in Eastern European countries have the second highest exposure to illegal addresses, with Africa standing at the top of the table and the third place is Latin America. Overall, however, Eastern Europe has a much larger cryptocurrency economy than any of the other regions in the top 3.
researchers also notice that Eastern Europe is responsible for most web traffic on fraudulent websites in the period examined. Among all nations, Ukraine is the clear number of duplicate number of states registered in the United States Web visits, which is in second place by far. The total number of monthly Eastern European visitors from crypto fraud pages reached its maximum in January.
While Eastern Europe sends more digital currencies than other regions to Darknet markets such as the Hydra Market, which aims at the Russian-speaking world, frauds receive the largest proportion of Eastern European cryptotelers who are sent to illegal addresses, Chainalysis concludes. "We can assume that most of these activities are victims who send money to fraudsters," emphasize the authors of the report.
Finiko Ponzi Scheme collects Bitcoin worth over $ 1.5 billion in 2 years
chainalysis further finds that over half of the value that was sent to fraud addresses from Eastern Europe went to a certain fraud based in the Russian Federation - Finiko. The ponzi scheme, which attracted crypto investors, promised the monthly returns of up to 30%, collapsed in July after it received Bitcoin worth more than $ 1.5 billion ( btc ) since December 2019 mainly by Russian and Ukrainian crypto owners.
according to Russian media led, an Instagram influencer that is also connected to other ponzi systems. Since the income decreased due to the economic difficulties that were intensified by the Coronavirus pandemic, the fraud aimed at people who needed additional money. Many russen as in the" wild 1990s " Pyramid system fell.
In the meantime, the officially estimated damage in the Finiko case has reached 250 million rubles (over 3.4 million US dollars), forlog reported . The crypto news agency cited the latest version of the indictment against the founder of the pyramid in the Russian Republic of Tatarstan. Independent experts claim that the total losses exceed $ 4 billion. So far, 80 people have been recognized as victims of fraud, although the number of inserts is estimated at at least 850,000.
What do you think of the results of the Chainalysis report? Let us know in the comment area below.
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