Chainalysis stated in its "2020 Geography digital currency reports " that Africa has less percentage of unauthorized digital currency activity relating to fraud than other areas. Starting from July 2019 to June 2020, the unauthorized digital currency activities in Africa accounted for only 2% of approximately $16 billion. The statement says individuals in several African countries have suffered financial fraud popular in the fiat world, like the Ponzi schemes, HYIP programs, and quick money frauds.
In the Eastern part of the European continent, scam compromised half of all crypto transactions. Illegal deals made up 6× that of Africa's figure for every crypto volume that year, with the majority probably falling victims for HYIP programs and fraudulent crypto airdrops. Traders in east Asia were primary scam victims, with 86% of illegal crypto transfers going towards fraud.
