Beyond Silicon Valley: Global Crypto Scam Networks Shatter Geographic Stereotypes

When the social platform X rolled out its location display feature, many users immediately weaponized it. Accounts flagged with certain national origins—particularly India, Nigeria, and Russia—became targets for harassment, with commenters collectively branding them as “fraudsters.” But does the data actually support this xenophobic narrative? Not even close.

Between 2022 and 2025, independent investigator ZachXBT documented 118 verified fraud cases spanning continents. His findings paint a picture that contradicts almost every stereotype circulating online. From Silicon Valley influencers promoting worthless Memecoins to Telegram-based scam rings operating out of Mumbai, from Istanbul pump-and-dump schemes to privacy coin money laundering networks, fraud has gone truly global. The uncomfortable truth: scammers operate everywhere, not just in the regions people love to blame.

The Data ZachXBT Uncovered: Fraud Knows No Borders

ZachXBT’s three-year investigation reveals a distribution of fraud that demolishes the “problem region” myth. Of the 118 verified cases:

• 41% originated from Asia (India, China, Southeast Asia)
• 28% from North America
• 15% from Europe
• 10% from Africa
• 6% remain anonymous (untraceable through mixers or privacy coins)

Notice what’s missing? Nigeria doesn’t dominate the list. India isn’t the epicenter. Meanwhile, North America and Europe together account for 43% of all documented scams—more than Asia. The geographic distribution reveals not a regional problem, but a universal one: criminality transcends borders, languages, and cultures.

The irony is particularly sharp when you examine specific cases. Silicon Valley tech influencers have promoted multi-million dollar NFT scams. European DeFi developers have orchestrated sophisticated schemes. Asian marketing groups have run cross-chain money laundering operations. The perpetrators share nationality with victims scattered across every continent. So why the fixation on particular countries?

Who Actually Suffers Biggest Losses? Geographic Patterns Reveal Surprising Truth

Here’s where the data becomes truly uncomfortable for those peddling stereotypes. Between January and June 2025, ZachXBT documented the countries with the highest average losses per victim. The findings:

Top 10 countries by average loss per victim:

1. UAE – approximately $78,000
2. United States – approximately $77,000
3. Chile – approximately $52,000
4. India – approximately $51,000
5. Lithuania – approximately $38,000
6. Japan – approximately $26,000
7. Iran – approximately $25,000
8. Israel – approximately $12,000
9. Norway – approximately $12,000
10. Germany – approximately $11,000

Nigeria? Absent from the list entirely. If the stereotypes held water, Nigerian victims should rank at or near the top. They don’t. Instead, the UAE and United States lead—countries that most would never associate with being “scam hotbeds.” Several European nations also appear, along with Middle Eastern and Asian countries.

The broader victim map (2022-2025) confirms this pattern. Western Europe, Eastern Europe, North America, parts of Asia, and the Middle East show the highest concentration of wallet losses. Africa, by contrast, shows significantly fewer victims than these regions. Could it be that scammers target where the wealth is, not where the stereotypes point?

Why Growth Rates Show Africa’s Resistance, Not Europe’s Resilience

Perhaps the most revealing metric is victim growth rate. From 2024 to 2025, year-on-year expansion looked like this:

• Eastern Europe – approximately 380% growth
• Middle East and North Africa – approximately 300%
• Central Asia/South Asia and Oceania – approximately 270%
• North America – approximately 230%
• Latin America – approximately 200%
• Asia-Pacific region – approximately 140%
• Europe (as a whole) – approximately 120%
• Sub-Saharan Africa – approximately 100%

Africa ranks last. If Nigerian and Sub-Saharan scammers were the global epicenter of fraud, wouldn’t we expect Africa to show the fastest growth? Instead, Eastern Europe leads at 380%, nearly four times Africa’s growth rate. Meanwhile, regions including the Americas, Europe, and Middle East show far steeper expansion curves.

The pattern that emerges is clear: scammers operate where anonymity is affordable and regulation is minimal, regardless of geography. They’re drawn to platforms like Telegram and privacy coins—tools that transcend borders. They exploit networks and trust established in diaspora communities. They follow wealth, not heritage.

Breaking the Cycle: How Transparency Beats Xenophobia

So how does the industry move forward? ZachXBT’s investigation suggests pathways that have nothing to do with regional blame:

Implement transparent verification systems. Instead of assuming guilt based on nationality, require project founders to undergo public audits, complete KYC verification, and disclose on-chain data. Transparency works regardless of where someone’s located.

Amplify investigative journalism. Investigators like ZachXBT and dedicated communities of blockchain detectives have collectively prevented millions in losses. Their work deserves signal amplification, not suppression by nationalist noise. Reports showing Silicon Valley influencer involvement matter just as much as those documenting Mumbai rings.

Approach every project with scrutiny. The most effective defense remains psychological: treat every project as a potential scam until proven otherwise. Validate claims independently. Verify team backgrounds through means beyond location.

Report, don’t stigmatize. When you identify suspicious activity, use proper reporting channels and verification resources. Spreading hatred toward entire populations accomplishes nothing except amplifying harm.

The Real Enemy

Cryptocurrency was envisioned around decentralization and freedom. But without accountability, those ideals morphed into tools of global exploitation. ZachXBT’s three-year investigation proves one indisputable point: every region has bad actors and every region has victims.

The Silicon Valley hype cycle has produced scams. So have Eastern European cybercriminal networks. So have opportunists across Africa, Asia, the Americas, and Europe. Fraud isn’t determined by passport origin—it’s enabled by unchecked anonymity, unregulated exchanges, and human greed.

Blaming Nigeria or India doesn’t solve the problem. Neither does praising North America or Europe. The solution lies in systems: transparent verification, rigorous audits, investigative resources, and individual vigilance. Geography is irrelevant. Ethics aren’t.

Stop the “on-chain xenophobia.” The data already has.

Original analysis by Mars_DeFi | Compiled by Chopper, Foresight News