Eastern European Preys Sent 815 Million U.S. Dollars To The Ponzi Scheme In The Last Year


According to recent surveys, Eastern Europe happens to be the primary basis of cybercrime activity in the cryptocurrency division from victims to scams, from users to darknet markets.

According to a report released on September 1 by blockchain research firm Chainalysis, cryptocurrency addresses based in Eastern Europe are the second largest source of criminal activity behind Africa. However, Eastern Europe’s overall encryption economy is substantially larger than that of Africa and Latin America (ranked third). The survey results corroborate the findings of a previous study.

This study looked at the unlawful share of cryptocurrency action by region between July 2020 and June 2021.It demonstrates that encrypted wallets and addresses in Eastern Europe sent $815 million to Ponzi schemes and scammers at the time of this time period.

According to Chainalysis, more cryptocurrencies are transported to Eastern Europe darknet markets than in other countries. Hydra, a thriving Russian dark web market, claims to be the largest in the world.

The study discovered that Ukraine has a geographical breakdown by country/region. So far, it is the country with the highest volume of Internet traffic to fake websites in the region, outnumbering all others.

A single fraud accounts for more than half of the money sent in that region. Finiko is a Ponzi scheme located in Russia that went bankrupt in July 2021 after promising high returns and launching its own coin, FNK.

Finiko expects to receive in excess of $1.5 billion in BTC from the month of December 2019 to the month of August 2021 through more than 800,000 individual deposits, according to the study.

Eastern European addresses were also linked to ransomware, with $46 million sent to chary wallets in the region. Many of the causes were connected to Russian hacker organisations, and the analysis firm used Evil Corp as an example, noting that “many of the most productive ransomware use to beconnected to cybercrime groups in Russia or allied with Russia.”

Cointelegraph reported a year ago that Evil Corp demanded $10 million in cryptocurrency ransom. Access to the Garmin navigation solution was restored after the Garmin network was disrupted.


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