Canada Ranked Worst for Crypto Fraud Case Handling, says ZachXBT

ZachXBT, an on-chain investigator in the crypto space, has released a list of the worst countries for handling crypto fraud cases. His ranking puts Canada at the top, followed by the UK, India, Nigeria, and a three-way tie between Morocco, Algeria, and Bangladesh.

ZachXBT explained that he will likely decline to work on cases from these countries due to their poor record in handling crypto-related crimes. He cited specific examples of incompetent responses from Indian law enforcement, including one instance where they asked for help unfreezing funds that had been stolen, essentially reversing a legitimate freeze.

Canada's ranking is particularly surprising given its reputation for having strong institutions and rule of law. ZachXBT pointed to Toronto as a hotspot for fraud activity and cited a case where Canadian authorities seized assets from innocent users because they couldn't distinguish illicit fund flows from legitimate customer activity.

The investigator emphasized that his core complaint across all jurisdictions on the list is the failure to act quickly in response to crypto-related crimes. He noted that he can provide clear evidence of fraudulent activities, but it often goes unused while stolen funds move further out of reach.