Eastern European victims sent $815M to Ponzis and scams in the past year
Scams make up the largest share of funds sent from Eastern Europe to illicit addresses. Recent research has revealed that Eastern Europe remains a very high source of cybercrime activity — both from victims to scams, and from users to darknet markets — in the cryptocurrency sector.Cryptocurrency addresses based in the Eastern European region have the second-highest exposure to illicit activity after Africa, according to a report published on Sept. 1 by blockchain research firm Chainalysis. However Eastern Europe has a much larger overall crypto economy than both Africa and Latin America....
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Of all funds sent to illicit cryptocurrency addresses from Eastern Europe, scams attract the greatest amount, according to a new report. In the past year alone, crypto addresses based in the region have sent the fraudulent schemes a staggering $815 million in crypto.
Eastern Europe Leads by Volume of Illicit Crypto Transactions
Among the world’s regions with a total crypto transaction volume of at least $400 million, Eastern Europe is the only one where illicit activity exceeds 0.5% of the total value sent and received, Chainalysis notes in a preview of its 2021....
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Lloyds Bank has issued a stark warning as crypto scams spike by 23% this year, revealing that victims are losing an average of £10,741. The report highlights the alarming trend of two-thirds of these scams originating on social media platforms. The data underscores the urgent need for increased awareness and regulatory measures in the cryptocurrency […]
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A recently published World Bank policy research working paper on Ponzi schemes mentions bitcoin as a "naturally occurring Ponzi", clarifying that it has nothing to do with deliberate Ponzi schemes, as some bitcoin critics have claimed. Kaushik Basu, World Bank economist and author of 'Ponzis: The Science and Mystique of a Class of Financial Frauds' points out that most Ponzis today are not always as obvious as in the past, being far more sophisticated and more difficult to identify. Market-driven bubbles. "The problem stems from the fact that we can have what Robert Shiller calls....