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 cryptocurrencies, their practical
experience and knowledge in navigating these investments safely are
often lacking. Bitget believes that a significant gap in the modern
financial market is the focus on attracting young users, neglecting
wider groups, and the insufficient effort to increase financial
literacy and risk awareness among users.
Bitget’s social campaign aims to address the lack of awareness
about cryptocurrency fraud, providing the general public with clear
and reliable advice for the first time. The campaign will cover
common types of scams such as social engineering, romance scams,
phishing, and investment fraud. The project has been developed with
the support of leading anti-fraud experts, law enforcement
agencies, and sectors like technology, banking, and
telecommunications.
“Along with the advancement of technologies, the
cryptocurrency market has faced several urgent issues that have
tested many aspects of social, economic, and cultural life,” says
Gracy Chen, CEO of Bitget. “One of the key tools
for engaging with the public and raising awareness, including among
vulnerable groups, is social advertising. This format has shown
high effectiveness worldwide, for instance, during the COVID-19
pandemic, where banners became a central element in informing
citizens about the importance of precautionary
measures.”
In addition to the antiscam initiative, Bitget Research released a report
highlighting how deepfakes can account for 70% of the total crypto
scams in two years. This indicates over $25B in potential losses in
2024. This is one of the ways Bitget plans to spread awareness
around crypto scams. Bitget hopes that the experience in Vietnam
will help analyze the effectiveness of such informational tools,
improving financial literacy and public awareness. The exchange
plans to launch similar social campaigns in other major cities
worldwide in the future.
About Bitget
Established in 2018, Bitget is the world's
leading cryptocurrency exchange and Web3 company.
Serving over 25 million users in 100+ countries and regions, the
Bitget exchange is committed to helping users trade smarter with
its pioneering copy trading feature and other trading solutions.
Formerly known as BitKeep, Bitget Wallet is a
world-class multi-chain crypto wallet that offers an array of
comprehensive Web3 solutions and features including wallet
functionality, swap, NFT Marketplace, DApp browser, and more.
Bitget inspires individuals to embrace crypto through
collaborations with credible partners, including legendary
Argentinian footballer Lionel Messi and Turkish National athletes
Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş
(Boxing gold medalist) and İlkin Aydın (Volleyball national
team).
For more information, users can visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
Contact
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Relations
Simran
A
Bitget
media@bitget.com