Bitget Announces Plan to Launch Crypto Awareness Social Campaign in Vietnam

Top crypto exchange Bitget has announced plans to launch a campaign on crypto scams and risks in Vietnam. This will be a unique social project aimed at educating crypto users on the safe and secure use of crypto using engaging posters and banners.

Areas of focus for the campaign will include detecting and avoiding cryptocurrency scams, and banners carrying tips on these will be placed in public spaces such as bus stops, subways, and street billboards.

Bitget’s choice of Vietnam is due to its strategic position as one of the most dynamic economies in Southeast Asia and one of the highest ranking in terms of crypto adoption globally, currently holding third place. Reports show that about 21% of its population is said to be holding crypto, which is second only to the UAE with 34.4%.

Despite the large number of crypto holders however, the people are not as enlightened about the risks associated with cryptocurrencies as they are about cryptocurrencies in general, leading to a rise in financial fraud cases especially among vulnerable groups.

Crypto-related investment frauds have increased by 53% in 2023 alone, leading to a loss of $3.94 billion according to an FBI report. This trend has been on the increase and Vietnam, with the third largest population in Southeast Asia, shares in the same predicament.

The region is, particularly affected by digital asset extortion fraud ranging from crypto-related romance-investment scams and fraud to illegal gambling, according to a report by the UN Human Rights Office.

The most vulnerable groups in these cases are Novice investors and elderly people who are often less familiar with stock markets and digital currencies. 

Bitget intends to address the awareness gap that is prevalent among this set of investors. This is the first time the crypto company will be providing the public with clear and reliable advice on the safe use of crypto, and the campaign will cover common types of scams such as social engineering, romance scams, phishing, and investment fraud.

Bitget is working with leading anti-fraud experts, law enforcement agencies, and sectors like technology, banking, and telecommunications to bring awareness to help reduce the cases of crypto-related fraud among the target groups.

CEO of Bitget.Gracy Chen commented on the project saying: “Along with the advancement of technologies, the cryptocurrency market has faced several urgent issues that have tested many aspects of social, economic, and cultural life. One of the key tools for engaging with the public and raising awareness, including among vulnerable groups, is social advertising. This format has shown high effectiveness worldwide, for instance, during the pandemic, where banners became a central element in informing citizens about the importance of precautionary measures,” she said.

The current project will serve as a pilot to help Bitget see if informational tools like banners and posters as well as improving financial literacy and public awareness can help reduce the cases of crypto fraud before embarking on similar campaigns in other major cities worldwide.