Recent research has revealed that Eastern Europe remains a very high source of cybercrime activity — both from victims to scams, and from users to darknet markets — in the cryptocurrency sector.

Cryptocurrency addresses based in the Eastern European region have the second-highest exposure to illicit activity after Africa, according to a report published on Sept. 1 by blockchain research firm Chainalysis. However Eastern Europe has a much larger overall crypto economy than both Africa and Latin America (which came in third.) The findings echo research carried out last year.

The research analyzed the illicit share of cryptocurrency activity by region between July 2020, and June 2021. It revealed that Eastern Europe-based crypto addresses and wallets sent $815 million to scams and Ponzi schemes over the period.

“As is the case with all regions, scams make up the biggest share of funds sent from Eastern Europe to illicit addresses — we can assume…

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