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Tuesday Nov 25 2025 23:10
2 min
In the early days of cryptocurrency, many considered scams an inevitable cost of innovation. However, investigations by independent journalists like ZachXBT have revealed a disturbing truth: crypto scams have become a global phenomenon. Between 2022 and 2025 alone, ZachXBT documented approximately 118 diverse financial fraud cases, ranging from million-dollar NFT rug pulls to intricate cross-chain money laundering networks.
ZachXBT's data has shown that scams are not limited to one specific region. In fact, the data showed that approximately 41% of verified cases originated from Asia, around 28% from North America, 15% from Europe, and 10% involved Africa. The remaining percentage was attributed to the use of anonymity tools or private digital currencies.
Despite the negative stereotype often attached to Africans, particularly Nigerians, regarding cryptocurrency scams, the reality is more complex. Data suggests that crypto fraud is not a regional problem, but rather a global issue that transcends borders, languages, and cultures.
The data reveals that average individual losses vary significantly by country. For example, the United Arab Emirates and the United States recorded the highest average individual losses, while Nigeria did not appear in the top 10 list.
When considering the global distribution of scam victims, it is evident that the impact spans across North and South America, Europe, the Middle East, North Africa, and Asia. However, compared to other regions, Africa has a significantly lower number of victimized wallets.
While Africa has the lowest growth rate in the number of victims, regions like Eastern Europe, the Middle East, and North Africa are experiencing significant increases. This highlights the evolving nature of cryptocurrency scams and their increasing impact on various regions.
The data clearly indicates that cryptocurrency scams are not a regional problem, but a global challenge that requires international cooperation and collective efforts. By embracing transparency, supporting investigative journalism, and maintaining vigilance, we can work together to combat this growing threat and protect investors worldwide.
Risk Warning: this article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform.When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients.
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