North Korea ranks No. 1 on the list of the countries with the highest level of cryptocurrency in the world.
According to a new study by Coincub, North Korea is the world leader in crypto fraud. “An army of about 1,000 hackers raised money for the DPRK through several profitable cyber attacks. North Korea has more than 15 documented cases of cryptocurrency. Conservatively, the sum of all scams is about $ 1.59 billion‘explained the authors of the report.
Cryptocrime: gold, silver and bronze
The silver medal goes to the United States. There have been some high-profile scams in the United States, and the scale of the underground crypto-economy is enormous. “14 cryptocurrency cases with profits over $ 2 billion have been documented in the United Statessaid Coincub.
Russia follows in third place. “The amount of ransomware from Russia alone qualifies the country for third place. In addition, many infamous malware programs like Conti, REvil, Ryuk and Netwalker originate from Russia. Organized hacker groups are mostly tolerated and sometimes even approved by the Kremlin. “
China and other countries
China ranks fourth in this ranking due to stock market hacking and pyramid schemes. “Criminals from China stole the highest amounts of crypto fraud in the world. Overall, China accounts for 18% of global profits from cryptocurrency. “
With a huge number of hacks and scams, fifth place goes to the UK. “The UK is a global hub for crypto fraud. Business regulations in the UK allow scammers to hide the source and destination of funds. In 2021 alone, 7,118 cases of crypto fraud were reported. “
Close after the top 5 are Japan, Hong Kong, Canada, the British Virgin Islands and the Seychelles.
- North Korea
- United States
- Great Britain
- Hong Kong
- The British Virgin Islands
- South Korea
- New Zealand
- The Marshall Islands
- Saint Kitts and Nevis
- The Cayman Islands
- Czech Republic
Reputation vs. reality
Although the cryptocurrency world does not always have a good reputation, and many people associate cryptocurrencies with criminal activities, it is not entirely bad. For in general, the crypto-economy is quite law-abiding.
Sergiu Hamza, CEO of Coincub: “In the last year, the number of fraud cases in the cryptocurrency room reached a new record high. Despite this, these scams only account for a small part of the transactions in the crypto market with 0.15%. In comparison, the amounts from criminal activities are 2% – 5% of global GDP. This shows that cryptocurrencies are not disproportionately linked to illegal activities. Still, when it comes to cryptocurrency, it is important to be vigilant and follow best practices for security. “
Cryptocrime remains a major problem in the industry. Not least because of the recent hack of the blockchain bridge Horizon, in which $ 100 million was stolen.
You can read the full ranking of global cryptocurrencies here.
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