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Crypto Is Quietly Thriving in Sub-Saharan Africa: Chainalysis Report
- warinukraine 4y ago
- ceejayoz 4y ago> According to Chainalysis, Paxful, a popular peer-to-peer exchange, is experiencing remittance user growth rates as high as 55% in Nigeria (Paxful’s biggest market) and 140% in Kenya. It probably shouldn't be shocking that the country that gave us the name for advance-fee scams (https://en.wikipedia.org/wiki/Advance-fee_scam https://en.wikipedia.org/wiki/Advance-fee_scam) is seeing a lot of Paxful usage. https://www.agari.com/blog/scarlet-widow-bombs-nonprofit-directories https://www.agari.com/blog/scarlet-widow-bombs-nonprofit-dir... > By requesting Apple iTunes or Google Play gift cards rather than wire transfers, the group is able to eliminate associated money mules and safeguard their earnings, far away from bank accounts that could easily get shut down. Of course, their main objective is not to stockpile gift cards but rather to easily and quickly turn them into cash. Scarlet Widow does this by using two online services: Paxful and Remitano. By first advertising the stolen cards on Paxful, the group can successfully turn them into bitcoin, which they can then trade on Remitano for a specified price. Once the Scarlet Widow actors have exchanged their bitcoin and the buyer’s funds are in their bank account, the process of converting illicit gift cards into cash is complete.
- faebi 4y agoI‘m not surprised, I always thought Crypto will actually boom the most in places with the lowest trust in government and money, BUT having internet infrastructure in place. Countries with better systems of trust have less a need for another source of trust.