Colombia is the country most affected by cryptocurrency fraud in Latin America
Colombia is the Latin American country most affected by scams involving Bitcoin and other cryptocurrencies.
This is according to a recent statistic by Chainalyisis.
The data on cryptocurrency crimes committed in the region was presented in a webinar on April 20 titled “Illegal activities with cryptoassets in Spain and Latin America: latest trends and tracking modalities.”
Analysts from Chainalysis presented the results of their research there.
According to the company, the number of Colombians falling for fraudulent schemes is among the highest in Latin America, resulting in criminals capturing an estimated US$54 million last year.
This amount places Colombia second only to the United States in the world in terms of countries where the most money is sent to the addresses of fraudsters.
Among the top 10 countries where most people are victims of cryptocurrency scammers, there is only one other Latin American country: Mexico, which ranks ninth.
The top ten include Spain (eighth place), Canada, Australia, and other European countries such as Germany, the United Kingdom, Italy, and France.
Overall, Chainalysis statistics show the growth of cryptocurrency crime in Latin America has been moderate, with an estimated increase between 2-11% in recent months.
However, when talking about the types of illegal activities involving cryptocurrencies that are most common in the region, fraud has significantly increased.
In this regard, it is estimated that they account for more than 60% of the crimes, followed by the theft of funds with 28%.
Chainalysis’ Latin America analyst, Daniel Cartolin, linked the rise in fraud to the increasing adoption of cryptocurrencies in the region.
The company’s data shows that Colombia ranks fourth among Latin American countries with the most interest in Bitcoin, after Brazil, Argentina, and Mexico.
A trend that tempts many criminals to exploit those who want to enter the world of cryptocurrencies.
However, Cartolin also cited the lack of financial knowledge as one of the reasons for the increase in these scams.
Live Market IntelligenceColombia — Live Market Board
Rio Times · Live Market Intelligence
Colombia — Live Market Board
-0.79%
183,827.59
+0.46%
65,110.57
+0.26%
11,055.91
-0.73%
2,782,561
+0.00%
2,558.92
-0.79%
60,220.45
+0.32%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| COLCAP | 2,558.92 | -0.79% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| BRENT | 88.88 | -0.03% | +34.42% | 88.91 | 90.07 | 88.12 | 29,713 |
| WTI | 83.11 | -0.11% | +31.57% | 83.20 | 84.35 | 82.40 | 166,848 |
| ECOPETROL | 16.92 | -0.53% | +98.01% | 17.01 | 17.05 | 16.79 | 737,591 |
| BANCOLOMBIA | 95.87 | -2.18% | +96.15% | 98.01 | 100.36 | 95.73 | 188,740 |
| GRUPO AVAL | 5.40 | +2.66% | +76.89% | 5.26 | 5.49 | 5.32 | 146,447 |
| TECNOGLASS | 42.30 | -1.10% | -48.04% | 42.77 | 42.73 | 42.05 | 60,908 |
| CREDICORP | 375.17 | -0.49% | +49.60% | 377.00 | 384.43 | 372.27 | 88,375 |
| BUENAVENTURA | 34.45 | -1.02% | +88.07% | 34.80 | 35.62 | 34.33 | 275,831 |
| SOUTHERN COPPER | 193.97 | -0.26% | +104.01% | 194.48 | 199.36 | 192.59 | 367,102 |
LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.
Read More from The Rio Times