Cryptocrime: Most scammers are located in North Korea

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. “

Crypto Crime – An image from BeInCrypto

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.

Crypto Crime Hotspots – An image of Coincub

Top 40

  1. North Korea
  2. United States
  3. Russia
  4. China
  5. Great Britain
  6. Japan
  7. Hong Kong
  8. Canada
  9. The British Virgin Islands
  10. Seychelles
  11. South Korea
  12. Singapore
  13. Vanuatu
  14. Poland
  15. New Zealand
  16. Italy
  17. The Marshall Islands
  18. Switzerland
  19. Saint Kitts and Nevis
  20. Australia
  21. Turkey
  22. Israel
  23. Finland
  24. Slovakia
  25. Germany
  26. India
  27. Malta
  28. Estonia
  29. Gibraltar
  30. Norway
  31. Spain
  32. Denmark
  33. Ireland
  34. Vietnam
  35. Brazil
  36. Belize
  37. The Cayman Islands
  38. Czech Republic
  39. Panama
  40. Mongolia

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.


All information on our website has been examined to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information on our website is entirely at his own risk.

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