Schemes and scams ride along with cryptos’ fame 

Cryptocurrencies have opened new opportunities for a lot of people. At last, they can use a currency that isn’t centrally controlled, transactions that respect everybody’s privacy, and a cheap way of sending money. 

But criminals have found that these currencies, which are supposed to provide something good for humanity, can be used for their illegal activities. 

In Eastern Europe, various scams have used cryptocurrencies to the fullest, funneling nearly $815 million from hapless victims. 

Biggest share

“As is the case with all regions, scams make up the biggest share of funds sent from Eastern Europe to illicit addresses ー we can assume that most of this activity represents victims sending money to scammers,” Chainalsysis, a blockchain research company, said.  

Africa is the second region in the world with the highest cases of crypto-related frauds. Chainalysis said that the lack of crypto education is the biggest factor why a lot of Africans have been easily lured into crypto scams. 

When it comes to raw value, Eastern Europe has sent the second-most cryptocurrency of any region to illicit addresses, and only behind Western Europe. 

Chainalsyis also found that scammers are collecting their huge “profits” from the darknet market, a place in cyberspace where most authorities are ill-equipped to explore. 

Hail Hydra

There are various types of darknet markets, and Hydra is considered as the world’s biggest darknet market and according to researchers, it only caters to Russian-speaking countries throughout Eastern Europe. They have also found that Ukraine accounted for the most activities in Hydra and have sent more web traffic to scam websites than any other country. 

The research also added that more than half of the money sent to scam addresses went to Finiko, one of the biggest Russian-based Ponzi schemes that ultimately collapsed in July when its founder was finally caught. 

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/schemes-and-scams-ride-along-with-cryptos-fame/