African traders least likely to fall for crypto scams: Chainalysis

African traders least likely to fall for crypto scams: Chainalysis


Blockchain forensics firm Chainalysis has found that crypto traders in Africa are less likely to have sent tokens to, or received tokens from, known scam addresses than traders in other regions in the past year.

In the Chainalysis “2020 Geography of Cryptocurrency Report”, the firm states that the percentage of illicit cryptocurrency activity associated with scams isn’t as high in Africa as other regions around the world. Illicit cryptocurrency activity accounted for just 2% of the region’s roughly $16 billion trading volume from July 2019 to June 2020. Scams accounted for 55% of this low level of illicit activity.

Source: Chainalysis

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“People in many parts of Africa have fallen victim to financial scams common in the fiat world, such as pyramid schemes and other investment scams,” the report stated.

“While scams still make up a large portion of illicit cryptocurrency activity in Africa, the share isn’t as high as it is elsewhere.”

However, in Eastern Europe, where

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