Eastern Europe Sends Over $800 Million in Crypto to Scams in Single Year, Report Reveals

Eastern Europe Sends Over $800 Million in Crypto to Scams in Single Year, Report Reveals


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 Geography of Cryptocurrency report. In a blog post published Wednesday, the blockchain forensics company revealed:

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Between June 2020 and July 2021, Eastern Europe-based addresses sent $815 million to scams, second only to Western Europe.

Crypto addresses in East European countries have the second-highest rate of exposure to illicit addresses, with Africa topping the chart and Latin America ranking third, the excerpt details. However, Eastern Europe

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