Crypto fraud without borders: global data debunks regional stereotypes

Cryptocurrency fraud is no longer a problem of specific regions. Over the past three years, independent investigators have documented over 118 financial schemes that span the entire globe—from Silicon Valley to the Southern Seas. The most provocative conclusion: no geography is protected, but popular stereotypes are completely disconnected from reality.

What does the crypto scam map really look like?

There is a common belief that Africa and South Asia are centers of cryptocurrency crimes. But investigation data shows a fundamentally different picture. Out of 118 confirmed fraud cases, the global distribution looks like this:

• 41% originate from the Asian region (India, China, Southeast Asia)
• 28% — from North America
• 15% — from the European part
• 10% — from the African continent
• 6% — untracked schemes (through private networks and anonymous tokens)

This distribution already reveals the first truth: North America, nearly equal in number of cases to Asia, but spoken about much less. The geographic spread table shows that scammers have mastered all continents without exception.

The size of losses tells a different story

When it comes to financial losses per victim (January-June 2025), the picture changes dramatically. The top 10 countries by average losses:

• UAE — ~$78,000
• USA — ~$77,000
• Chile — ~$52,000
• India — ~$51,000
• Lithuania — ~$38,000
• Japan — ~$26,000
• Iran — ~$25,000
• Israel — ~$12,000
• Norway — ~$12,000
• Germany — ~$11,000

Notably: the highest-cost thefts are in developed countries and wealthy regions of the Middle East. If stereotypes were true, Nigeria would be in the top spots, but it is not on this list. The largest losses are concentrated in wealthy jurisdictions.

Where is scam growth fastest?

The growth rate of victims (2024-2025, year over year) reveals the direction of spread:

• Eastern Europe — ~380% annual increase
• Middle East and North Africa — ~300%
• Central and South Asia — ~270%
• North America — ~230%
• Latin America — ~200%
• Asia-Pacific region — ~140%
• Europe overall — ~120%
• Sub-Saharan Africa — ~100%

The highest dynamics are observed in Europe and Middle Eastern regions. The African continent shows the slowest growth rate. If Nigeria and other African countries were scam centers, the figures would be diametrically opposite.

Shared statistics of affected wallets

The map of affected wallets (2022-2025) shows the distribution of victims worldwide. The highest concentration is observed in Western and Eastern Europe, North America, certain Asian regions, and the Middle East. Africa, contrary to stereotypes, has significantly fewer victims compared to European and American regions.

Why did stereotypes emerge?

A recent geolocation feature on social media platforms has amplified the tendency to blame users based on their geographic origin. Users from India, Nigeria, and Russia have become targets of unfounded xenophobia. However, investigations prove the opposite.

By investigating cases, researchers uncovered American YouTube bloggers, European DeFi developers, and Asian marketing groups organizing schemes. Cryptocurrency fraud is not a matter of nationality but a result of anonymity, lack of regulation, and human greed.

Conclusion: from xenophobia to accountability

For the cryptocurrency ecosystem to mature, regulation alone is not enough; a collective rethinking of values is necessary. Instead of judging by nationality, it is better to:

• Demand transparency: public audits, KYC procedures, and disclosure on the blockchain should be standard
• Support investigative journalism: researchers and specialized communities help prevent millions in losses
• Be cautious: treat each project as potentially risky until its reliability is proven
• Report constructively: instead of spreading hatred, contact verification channels and official complaint mechanisms

Cryptocurrencies originated from ideals of decentralization but, without accountability, have transformed into a global tool of exploitation. Scammers exist in every region, and victims are scattered around the world. Data convincingly proves: crypto fraud is not a problem of Nigeria or India but a worldwide phenomenon. It is time to stop online xenophobia.