Victoria, Seychelles, June 28, 2024 – Bitget, the leading cryptocurrency exchange and Web3 company, will launch a unique social project in Vietnam. This campaign aims to teach people how to use cryptocurrency safely and prevent fraud through attractive and easy-to-understand posters/banners. These educational materials, which provide tips on spotting and avoiding cryptocurrency scams, will appear in a variety of public locations such as bus stops, subways, and street billboards.
Vietnam, one of Southeast Asia’s most dynamic economies, consistently ranks high in Chainalysis Global Cryptocurrency Adoption Index , currently ranked third. According to Triple-A Payments Platform Report about 21.2% of Vietnam’s population owns cryptocurrency, second only to the UAE (34.4%).
However, in Vietnam, the level of awareness of risks associated with digital assets is still much lower than the general knowledge about cryptocurrencies. This gap has led to an increase in the number of scams, especially with certain groups of people who are easy targets. In 2023 alone, investment scams involving cryptocurrencies caused Damage was about 3.94 billion USD , an increase of 53% compared to the previous year. Data from the FBI report also shows a worrying trend: most victims of investment fraud are over 30 years old, with a notable number coming from people over 60 years old, this is the group People are easy targets due to limitations in accessing timely and clear information.
As the third most populous country in Southeast Asia, Vietnam shares alarming trends with other countries in the region regarding digital asset extortion. One report in 2023 by the United Nations Human Rights Office shows that the region is struggling with investment-emotional scams involving cryptocurrencies and illegal gambling scams. According to the report, the COVID-19 pandemic and related response measures have had a strong impact on many illegal activities across the region. But what is worrying is the number of victims of this problem. New investors and the elderly, who are often less educated about the stock market and digital currencies, are the most common targets of criminals. Most people over 60 years old have limited understanding of cryptocurrencies and tend to be more trusting. Although they may have heard of cryptocurrencies, these people often lack the knowledge and practical experience in learning about these investments safely. Bitget believes that a major flaw in the current financial market is an over-focus on attracting young users, ignoring other groups of people, and a lack of action to increase financial literacy and risk awareness. risk for users.
Bitget’s social campaign aims to address the lack of awareness around cryptocurrency scams, providing the public with clear and trustworthy 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 was developed with the support of leading anti-fraud experts, law enforcement, and multiple sectors such as technology, banking, and telecommunications.
“Along with technological advancements, the cryptocurrency market has faced pressing issues that have disrupted many aspects of life, economy, culture, and society. One of the important tools to engage and raise awareness among the public, including vulnerable groups, is social media advertising. This tool has proven to be highly effective globally, such as during the COVID-19 pandemic, where banners have become a key element in educating people about the importance of preventive measures,” said Gracy Chen, CEO of Bitget.
Bitget hopes that the experience in Vietnam will help analyze the effectiveness of such information tools and improve financial literacy and public awareness. The exchange plans to launch similar social campaigns in many other major cities around the world in the future.
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