Blockchain investigator ZachXBT has published a new ranking identifying Canada as the worst jurisdiction globally for victims of cryptocurrency fraud, placing it ahead of countries including the U.K. and India.
According to the findings, Canada ranks as the most problematic first-world economy for crypto crimes. ZachXBT stated that local law enforcement frequently refuses to take action even when provided with comprehensive evidence regarding threat actors, ransomware operations, and home invasion robberies. Furthermore, Toronto was highlighted as a major global hotspot for fraud.
The investigator pointed to specific instances in Canada, such as authorities failing to investigate an Iranian over-the-counter exchange used to launder funds from a home invasion robbery, and cases where police ignored reports on a phishing scam actor who later advanced to multimillion-dollar ransomware operations. Additionally, law enforcement was criticized for seizing Tradeogre assets from innocent users due to an inability to distinguish between legitimate activity and illicit movements.
The U.K. and India hold the second and third positions on the list, respectively. ZachXBT criticized Indian law enforcement for incompetence, noting incidents such as the wrongful arrest of exchange founders due to confusion with a phishing site, as well as instances where institutions sought help to release stolen funds linked to the Lazarus Group.
Other regions mentioned among the worst jurisdictions include Nigeria, Algeria, Bangladesh, and Morocco.
Following these assessments, ZachXBT announced in June that he was declining all assistance to victims from Canada. He also revealed via his Telegram channel that his upcoming support website will block access from low-quality jurisdictions.
