Africa has so far recorded the least number of illegal activities related to cryptocurrencies. According to the report by blockchain analytics firm, Chainalysis showed that crypto related crimes only makes up 1.4% of all digital currency activity in Africa.
According to a new report, illegal activity only makes up 1.4% of all digital currency activity in Africa. The report by blockchain analytics firm Chainalysis revealed that Latin America is the leading region for digital currency scams, with East Asia ranking second. The rapid rise in the adoption of cryptocurrencies in Africa has seen the number of scammers targeting traders shoot up as well. However, the number of traders falling for such crypto scams has remained relatively small in the region.
African traders are wary of falling to crypto scams.
The Chainalysis report also revealed the biggest cryptocurrency scams in Africa, with Mirror Trading International leading the way. Through its website MyMTIClub.com, the South African firm reportedly commands a dominant 95% lead in the past seven months. The number of funds it has managed to raise from African trades had surged steadily since December 2019, when it received under $1 million, to June 2020, when it received $8 million. Other scams that have brought in millions of dollars include SBlock.com, CloudTokenWallet.com, WoToken.pro, and F2Trading Corporation.net.
Crypto adoption increases in Africa this year.
Cryptocurrency adoption in African countries has increased this year amid the ongoing pandemic. The bitcoin trading on Peer-to-Peer platforms witnessed a rapid growth in recent months, with the African continent now the second-strongest region in the world for P2P volume, just behind the United States. The African continent is the only region to post an increase in the seven-day P2P trade in July. Since early this year, the sub-Saharan African continent has overtaken the Asia-Pacific, Eastern European, and Latin American regions to emerge as the second-strongest peer-to-peer market by a volume margin of more than 50%. Twitter CEO Jack Dorsey and several other industry giants believe that Africa will play a huge role in the mass adoption of crypto.
This article is sourced from:https://coinnounce.com