U.S. leads in scam cases: The United States has become the hub of fraudulent crypto projects globally, accounting for 43% of all scams. Research from 5money and Storible, conducted on more than 1,500 projects from January 2022 to October 2024, indicates that the country not only leads in the number of scams but also accounts for 33% of failed projects. This highlights the complexity and challenges in managing the crypto space in the U.S.

FTX collapse as a typical example: FTX, founded by Sam Bankman-Fried, was once a large conglomerate valued at 32 billion USD but collapsed in 2022. The primary reason was misuse of customer funds, which caused panic in the crypto industry. Like many other US companies, FTX’s failure highlighted serious issues regarding management and investor protection.

Vietnam in the global context: Vietnam emerged as an interesting case with relatively high participation in fraudulent and failed projects. Vietnamese developers were involved in 1.3% of scams and 2% of failed projects, placing the country in the top ten for highest rates. This shows the challenges of the crypto market in a developing economy.

Toward sustainability: The study highlights the urgency for global regulatory standards and the importance of enhancing transparency and investor education. Encouraging thorough due diligence and developer accountability are crucial steps to reducing fraud and failures. Achieving a balance between innovation and oversight is key to building a safer crypto ecosystem.