Crypto Scam Crisis: A Global Perspective

Victims of Crypto Scams Lead the World - How to Protect Yourself?

In the United Arab Emirates, a crypto scam in the first half of 2025 resulted in an average loss of nearly 293,600 dirhams per victim, making the country a world leader in individual losses suffered from cryptocurrency scams. The global loss exceeded $2.17 billion, with the $1.5 billion attack on ByBit standing alone as a historic record.

Victim Proportions and Growing Interest

The United Arab Emirates has one of the highest cryptocurrency adoption rates worldwide. Nearly 30% of the population owns some form of digital currency, which explains why the country often becomes a target. According to Trip-A data, the UAE is followed by Vietnam and the USA in terms of ownership ratio. Based on the interest index, the Emirates ranks third globally, ahead of countries like Switzerland or Brazil.

This strong presence and openness towards crypto technology—supported by favorable tax policies and economic stability—contributes to the region's attractiveness not only to investors but also to cybercriminals.

Protection Methods: How to Safeguard Your Crypto?

The popularity of cryptocurrencies not only brings new opportunities but also new risks. The most crucial crypto security tips are as follows:

Choosing the Right Wallet: Hardware wallets—such as Ledger or Trezor—are particularly recommended as they operate offline, making them harder for hackers to access. A paper wallet can also be a secure option if its physical security is guaranteed.

Using Strong Passwords: Never use recycled or weak passwords.

Two-Factor Authentication (2FA): A basic defense method worth activating on all platforms.

Protecting Private Keys: Do not store keys on Internet-connected devices. Losing the private key means losing access to your crypto forever.

Creating Backups: Store recovery keys in multiple locations—such as a fireproof safe.

Updated Software: Always use the latest versions to avoid vulnerabilities.

Awareness and Education: Recognize phishing attempts, do not click on suspicious links, and avoid messages from unknown sources.

Diversifying Wallets: Do not keep all assets in one place—distribute them across multiple wallets.

Global Situation and Regional Differences

American victims ranked second in the extent of losses, followed by Chile, India, Lithuania, Japan, and Israel. Most stolen bitcoins and altcoins originate from North America, while Europe leads in ether and stablecoin cases. This partly reflects the regions' differing investment habits and also the targeting strategies of cybercriminals.

The MENA (Middle East and North Africa) region, including the UAE, reported a rapidly increasing number of victims in the first half of the year, driven by growing interest and asset volume.

Dubai's Technological Weight

By mid-2024, Dubai boasted 6,500 technology millionaires—primarily in the fintech, cryptocurrency, and software development fields. This density alone makes the city a target since many big investors are located in one place.

The current state of the cryptocurrency market also explains the increased interest: Bitcoin's price exceeded $120,000, and the total market capitalization reached $3.87 trillion—setting another record.

Conclusion

The United Arab Emirates is at the forefront of using crypto technology, but with high risks. Technological advancement and investment openness must not come with naivety—the right awareness, tool use, and protection are crucial. If you are dealing with cryptocurrencies in Dubai or other parts of the UAE, ensure proper security to gain not just profit, but peace of mind.

(Source: According to Chainalysis analysis.)