Crypto Investigator Lists Worst Jurisdictions for Scam Victims
Crypto investigator and Paradigm advisor ZachXBT published a ranking of the “bottom 5 jurisdictions” for crypto scam victims seeking help. He shared this list on his Telegram channel, “Investigations by ZachXBT,” which has 84.7k subscribers.
The ranking, based on his experience assisting victims, includes Nigeria, India, Canada, the UK, and Russia, in that order.
Challenges in Legal Support for Victims
ZachXBT commented, “If you contact me from them I will likely have to decline formally assisting due to stagnant legal cases.” This suggests that local legal processes in these countries often fail to advance crypto scam cases effectively.
The list sparked debate on X, with some users questioning Nigeria’s placement. ZachXBT later clarified that “UK & Canada currently are where cases go to die.”
He also shared a list of the “top 5” jurisdictions that offer better support. These are the Netherlands, US, France, Singapore, and a few tied for fifth place.
Recent Examples Highlighting Jurisdictional Issues
- India: The 2024 WazirX hack involved over $230 million stolen. WazirX’s parent company, Zettai Pte Ltd, based in Singapore, sought court-supervised restructuring in Singapore. This shows India’s regulatory system struggles with large crypto crime cases.
- Nigeria: President Bola Ahmed Tinubu urged judges to learn about blockchain and crypto. He noted that over 70% of global financial crimes involve digital elements, highlighting the need for better judicial understanding.
- Canada: The “Crypto King” case involved Aiden Pleterski defrauding investors of over $40 million in 2022. Delays in justice led to investors kidnapping and torturing Pleterski to recover funds. Several people were charged, showing the consequences of slow legal action.
