Victoria, Seychelles, June 28th, 2024, Chainwire
Bitget, the leading cryptocurrency exchange and Web3 company, will launch a unique social project in Vietnam. The campaign aims to educate people on how to use cryptocurrency securely and prevent fraud through engaging and understandable posters and banners. These educational materials, which will provide tips on detecting and avoiding cryptocurrency scams, will be displayed in public spaces such as bus stops, subways, and street billboards.
Vietnam, one of Southeast Asia’s most dynamic economies, has consistently ranked highly on Chainalysis’ global crypto adoption index, currently holding the third position. According to a report by payment platform Triple-A, around 21.2% of the Vietnamese population owns cryptocurrencies, second only to the UAE at 34.4%.
However, the level of awareness about the risks associated with digital assets remains much lower than the general knowledge about cryptocurrencies in the country. This gap has led to a surge in financial losses due to fraud, especially among vulnerable groups. In 2023 alone, cryptocurrency-related investment frauds resulted in approximately $3.94 billion in losses, a significant 53% increase from the previous year. Data from an FBI report indicates a worrying trend: most victims of investment scams were over 30 years old, with a notable number of complaints coming from individuals over 60, who are particularly vulnerable due to limited access to timely and clear information.
Being the third most populous country in Southeast Asia, Vietnam shares the same alarming trends with other countries in the region, when it comes to digital assets extortion. A 2023 report issued by the UN Human Rights Office shows that this region is plagued with crypto-related romance-investment scams, fraud to illegal gambling. According to the report, the COVID-19 pandemic and associated response measures had a drastic impact on illicit activities across the region. But the most devastating fact about this phenomena is that it actually has more than one set of victims.
Novice investors and elderly people, who are often less familiar with stock markets and digital currencies, are the most common targets for criminals. Most people over 60 have a limited understanding of cryptocurrencies and tend to be more trusting. While they may have heard of…