Encryption fraud geographic map: from Silicon Valley to Mumbai, fraud knows no borders.

Written by: Mars_DeFi

Compiled by: Chopper, Foresight News

In the early stages of cryptocurrency development, many believed that fraud was an inevitable cost of innovation, and that “project runaways” or “exit scams” were limited to a few criminals in the unregulated corners of the internet.

But years later, independent investigative journalists like ZachXBT gradually uncovered a disturbing truth: cryptocurrency scams have long been globalized.

Between 2022 and 2025 alone, ZachXBT recorded 118 different types of financial fraud cases, ranging from NFT exit scams involving millions of dollars to complex cross-chain money laundering networks. His investigative reports exposed fraudsters across continents: from Memecoin project teams endorsed by Silicon Valley influencers to Telegram scam gangs in Mumbai, and market manipulation groups in Istanbul.

The consistency presented by the data is shocking: no country or region is immune to the harm caused by fraudsters.

The Myth of Regional Scammers

The recently added location display feature on social platform X was intended to enhance transparency but has sparked discussions related to xenophobia.

Many users have started to attack others based on the original country of their accounts, particularly targeting accounts related to India, Nigeria, and Russia, labeling the entire populations of these countries as “scammers.”

But ZachXBT's investigation tells a completely different story. Here is a brief summary of the investigation data from ZachXBT over the past three years:

In 118 verified fraud cases:

About 41% comes from Asia (India, China, Southeast Asia)

About 28% comes from North America.

About 15% comes from Europe.

About 10% involve Africa

About 6% cannot be traced due to mixers or privacy coins, identity anonymous.

The regional distribution of fraudsters in these 118 reports is also worth noting:

Geographical Distribution of Cryptocurrency Scammers Identified by ZachXBT

The data reveals not a problem area, but a moral deficiency that exists globally.

The above data reveals a key fact often overlooked in online discussions: despite Africans (especially Nigerians) being frequently and unfairly labeled as cryptocurrency scammers, the reality is quite the opposite.

This indicates that cryptocurrency scams are not limited to a specific region, but are a global issue that transcends borders, languages, and cultures.

Examining Cryptocurrency Scams from a Macroscopic Perspective

1. The country with the highest amount stolen from each victim during the period from January 2025 to June 2025.

For those who blindly accuse Nigeria or India, the first chart is shocking enough. The top 10 countries with the highest average amount stolen per individual victim are:

UAE - approximately 78,000 USD

United States — approximately $77,000

Chile - approximately 52,000 USD

India - approximately 51,000 USD

Lithuania - approximately 38,000 USD

Japan —— approximately 26,000 dollars

Iran - approximately 25,000 USD

Israel - about 12,000 USD

Norway —— about 12,000 USD

Germany - approximately 11,000 US dollars

Noticed it? Nigeria is not on this list at all, while the UAE, the United States, many European countries, and many Asian countries are prominently included.

If those stereotypes are true, the top of this list should belong to Nigeria or India, but that is not the case.

2. Global Wallet Victim Situation Map (2022-2025)

When we expand our perspective to the total number of victims globally, the geographical distribution becomes clearer. Victims are spread across North America, South America, Europe, the Middle East and North Africa, as well as Asia.

Regions with a higher number of victims include: Western Europe and Eastern Europe, North America, parts of Asia, the Middle East, and North Africa.

So what about Africa? Compared to Europe, America, and Asia, the total number of victim wallets in Africa is much lower. This is not my subjective judgment, but an objective fact presented by the map.

3. The regions with the fastest growth of cryptocurrency scam victims (2024 - 2025 year-on-year)

The third chart shows the regions where scam growth is the most rapid, with the year-on-year growth rate of victims in each region being:

Eastern Europe - Approximately 380%

Middle East and North Africa - about 300%

Central Asia / South Asia and Oceania - approximately 270%

North America - about 230%

Latin America - about 200%

Asia-Pacific Region - About 140%

Europe (overall) - about 120%

Sub-Saharan Africa - Approximately 100%

Once again, it is emphasized that Africa's growth rate ranks at the bottom. Meanwhile:

The growth of victims in Europe and the Middle East and North Africa region is leading globally.

North America and Latin America follow closely behind.

The Asia-Pacific region and the area where India is located are at a medium level.

Africa is the least affected region in the entire dataset.

If Nigeria is the global scam center, Africa would definitely not be at the bottom of this ranking.

The truth is: cryptocurrency scams are not just a problem in Nigeria or India, but a global issue.

Data has completely shattered stereotypes:

The country with the highest amount stolen from a single victim is not in Africa or India.

The regions with the fastest growth in scams are not in Africa or India.

The year-on-year growth rate of victims in Africa is the lowest.

So, why are Nigerians and Indians unfairly labeled as “scammers”? Because people often judge based on emotions rather than evidence; because a viral scam in a certain region can become a collective label for 200 million people, and the speed at which online bias spreads is much faster than the truth.

According to the data:

Nigeria is not one of the high-loss countries.

The increase in the number of victims of scams in Africa is the lowest.

The statistics in Europe and North America are worse.

Asia, including the UAE and India, is facing high-value theft cases.

If a certain area has the most scammers, then the situation of victims in that area will also be very serious (scammers operate in places they are familiar with). However, Africa and India do not show this pattern at all.

If Nigerians and Indians were to generalize like others, they could easily point fingers at Europe, the United States, South America, the Middle East, and North Africa.

But they did not do this because responsible people understand: scammers are everywhere — present in every race, every region, every country; scam victims are also found all over the world; no group should be labeled because of the actions of a few criminals.

Recently, the criticism made by @TheQuartering and others regarding the “Indian scammers” (x.com/TheQuartering/status/1992098997281194375) fully demonstrates how xenophobia exploits people's real suffering. Portraying an entire country or community as criminals only exacerbates the harm.

ZachXBT's investigation also revealed fraudulent activities involving American YouTube bloggers, European DeFi developers, and Asian marketing groups. Cryptocurrency scams are not determined by nationality, but are the result of unregulated anonymity, greed, and regulatory indifference.

How can we do better?

For cryptocurrencies to mature, they not only need regulation but also a collective moral reconstruction. Specific efforts can be made in the following areas:

Replace nationality bias with transparency: Require project founders to undergo public audits, complete KYC, and disclose on-chain information, rather than making arbitrary judgments based on nationality.

Support investigative journalism: Investigators like ZachXBT and small detective communities have helped avoid millions of dollars in potential losses. We should spread their work results rather than nationalist noise.

Always remain cautious: consider every project a potential scam until proven reliable.

Report instead of ridicule: When you discover suspicious accounts, use verification channels or reporting resources, rather than spreading hate.

Summary

Cryptocurrency was born out of ideals of decentralization and freedom, but in the absence of accountability mechanisms, these ideals have been distorted into global tools of exploitation. Every region has its scammers, and every region has its victims. Let us stop the “on-chain xenophobia.”