• Thu. Feb 22nd, 2024

Africans Wage Full-Fledge War Against Crypto Scams



Sep 21, 2020
Africans Wage Full-Fledge War Against Crypto Scams

The statistics show that the estimated illicit cryptocurrency activity taking part in the continent of Africa is about 2% which is equivalent to US$ 16 Billion nearly.

According to local African news resources, it has been seen that the large scale mass-education in Africa regarding how to avoid getting into crypto scams is showing phenomenal results. Chain analysis which is a crypto investigating agency revealed that the crypto owners or investors in Africa are less likely to be scammed as compared with other crypto owners/investors existing in different parts of the world.

Chainalaysis also apprised that the overall rate of illicit activity with regard to crypto scams is less than 2% which is much less than any other region wherein approximately trading volume is more than US$ 16 Billion. The average rate of scams is 55% of the total illicit activity which means the average rate of scam is just 1% till July 2019 to June 2020.

According to the report recently published by Chain analysis, the report suggested that though many people have been victims of crypto scams in the region however if one looks at the average rate of illicit activity in Africa, and in particular scams relating to crypto, he will find that it is much lesser than any other part of the world.

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The major reason for this is attributed to the role of Nairametrics within the region. Being a financial resource company housed in Nigeria whose focus is on providing financial literacy and investor advocacy services, has been playing a vital role in apprising its readers about the essential insights on how to avoid encountering a fraud or scam by educating them how the fraudsters/scammers commit fraud and what strategies they adopt as well as offer solutions how to ensure the safety of their crypto-assets.

The company also provides for various materials in the forms of e-books, writings, article pieces, and news reports to educate them on how they can protect their confidential information such as private keys from getting into the hands of the scammers. According to news sources, crypto investors take the recommendations of Nairametrics very seriously and therefore they are able to stay ahead of fraudsters.


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