A recent study by 5Money and Storible revealed that the US leads in the number of scam and failed crypto projects, with American founders responsible for 43% of global crypto scams and 33% of dead projects.
High Rate of Failed Start-ups in the US
The report highlights that in 2024, US developers topped the list of countries with the most failed crypto projects. An example is the collapse of the FTX platform, led by Sam Bankman-Fried, which declared bankruptcy due to the misuse of billions of user funds. This case raised questions about transparency and regulation in the US crypto market.
Russian Crypto Scammers
According to the joint study, Russian developers are at the forefront of crypto scams. Switzerland and China follow. The activity of Vietnamese developers also marks an increase in fraudulent projects, illustrating high risk in the evolving Asian crypto industry.
Asian Influence: Vietnam and Others
Vietnam was the only developing country in the top ten for scam and dead crypto projects. The study revealed that over half of crypto projects in South Korea and Singapore were also unsuccessful. Vietnam showed a high result, considering its growing crypto industry.
The research by 5Money and Storible highlights how regulatory gaps and market optimism influence the number of failed crypto projects in various countries, continuing to shape the global crypto industry.
