Eastern European victims sent 815 million U.S. dollars to the Ponzi scheme in the past year

Recent studies have shown that Eastern Europe is still the main source of cybercrime activities in the cryptocurrency sector-from victims to scams, from users to darknet markets.

According to a report released by blockchain research company Chainalysis on September 1, cryptocurrency addresses located in Eastern Europe are the second largest illegal activity after Africa. However, the overall encryption economy in Eastern Europe is much larger than in Africa and Latin America (ranked third).The survey results echo the research Last year.

this Research Analysis of the illegal share of cryptocurrency activity by region between July 2020 and June 2021. It shows that during this period, encrypted addresses and wallets in Eastern Europe sent $815 million to scams and Ponzi schemes.

“As is the case in all regions, scams account for the largest share of funds sent from Eastern Europe to illegal addresses-we can assume that most of these activities send money to scammers on behalf of victims.”

Chainalysis has observed that more cryptocurrencies are sent to darknet markets in Eastern Europe than in other regions. There is a booming Russian dark web market called Hydra, which claims to be the largest in the world.

The study found that geographic breakdown by country/region Ukraine So far, it is the country with the most Internet traffic to fraudulent websites in the region, more than any other country.

A particular scam accounts for more than half of the value sent in that area. Finiko is a Russia-based Ponzi scheme that went bankrupt in July 2021, promised huge returns and launched its own token, FNK.

According to the report, Finiko plans to receive more than $1.5 billion in BTC from December 2019 to August 2021 through more than 800,000 individual deposits.

related: Australians lose more than $25 million due to false crypto investments

Addresses in Eastern Europe were also linked to ransomware, sending $46 million to suspicious wallets in the region. The analysis company attributed many reasons to Russian hacker organizations, and took Evil Corp as an example, stating that “many of the most prolific ransomware is related to cybercrime groups in Russia or affiliated with Russia”.

A year ago, Cointelegraph reported that Evil Corp asks for $10 million in crypto ransom Recovered access to the Garmin navigation solution after the Garmin network was disrupted.



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