Scams in the crypto world: women more cautious, men more vulnerable
Neither in bitcoin nor in USDT: what a new study reveals about users in the crypto world.
The expansion of decentralized technologies has completely transformed the global financial landscape. Along with this transformation, digital crimes have also increased, finding a new fertile ground in the crypto ecosystem. In this context, a recent study by the Women in Bitcoin (MUBIT) project focuses on how the habits of users in the crypto world are influenced by gender issues, which in turn impacts the type of fraud they are exposed to, how they respond to scams, and the role they occupy within exchange platforms.
The report, based on surveys and behavioral analysis within local exchanges, highlights a well-known but under-acknowledged pattern: the gender gap in access to and use of digital financial tools remains significant, even in a disruptive environment like that of cryptocurrencies.
The profile of users in the country: only three out of ten are women
One of the first data points that stands out in the MUBIT report is the marked gender difference in participation within the most used exchanges in Argentina. Only 30% of active users are women, which implies a minority presence in a space where financial decision-making is central.
This low percentage, however, does not translate into a lack of interest from women, but rather responds to multiple structural factors. As highlighted by Daiana Gómez Banegas, founder of MUBIT, “women face greater obstacles in accessing resources that allow them to invest, whether due to wage gaps, taking on caregiving tasks, or less exposure to financial knowledge networks.”
In this sense, the report emphasizes that the 29.8% gender wage gap reported by the Inter-American Development Bank (IDB) has a direct impact on how women relate to cryptocurrencies. This difference in income translates into more conservative decisions and financial strategies oriented towards stability.
Investment to save, not to speculate
The study's data indicates that 78% of women participating in the crypto ecosystem do so with a clear goal of saving or asset protection. Only 22% reported operating for speculative purposes, in contrast to male behavior, where speculation plays a much more significant role.
This trend responds to a concrete economic reality: in Argentina, 8 out of 10 single-parent households are led by women, who not only financially support the household but also take on the majority of caregiving tasks. This scenario conditions their risk margin and leads them to make much more cautious financial decisions.
“A woman who has to ensure the livelihood and safety of her children cannot afford to lose her savings in a high-risk operation. That’s why they opt for stable cryptocurrencies like USDT rather than volatile assets like bitcoin,” explains Gómez Banegas.
Access to crypto assets also shows differences
The study also examined the profile of users with greater wealth within the exchanges, and another striking inequality was detected: only 1.2 out of every 10 high-value users are women. This data reinforces the idea that, although more and more people are approaching the crypto world, capital continues to be predominantly concentrated in male hands.
For MUBIT, this difference has not only economic implications but also political ones. “Capital in the crypto ecosystem is power. Those who have more have more access to decisions, information, and opportunities. That’s why we need to think about public policies that correct these inequalities from the design stage,” emphasized the project's founder.
USDT as a refuge against volatility
Another relevant fact is that, within the Argentine ecosystem, only 3.99% of women currently operating with stablecoins like USDT plan to migrate to bitcoin in the short term. This reflects a clear preference for stability, even in such a dynamic context as that of cryptocurrencies.
The underlying reason is not technical but structural: women prioritize the preservation of the value of their assets over the possibility of obtaining quick profits. In a country like Argentina, where inflation erodes purchasing power month by month, stablecoins become a protection tool rather than a speculative vehicle.
In contrast, the study reveals that men show a greater inclination towards high-volatility assets, which increases their exposure to risk situations and even fraud.
Digital scams: different forms, same impact
The MUBIT study also explored the different types of fraud affecting users in the crypto world, and clear differences between men and women are also evident there.
While men tend to fall for schemes like Ponzi scams, fake trading platforms, or promises of investment with guaranteed high returns, women are frequent targets of fraud with an emotional or relational component.
“We detected a very repeated modality in which the scammer establishes an emotional or trust relationship with the woman, and then convinces her to invest in a fraudulent platform,” the report states. This tactic, known as romance scam or emotional fraud, targets the social and emotional vulnerability of the victim more than their financial ambition.
Interestingly, although the levels of victimization are similar between genders, women tend to report these cases more. This may be due to multiple cultural factors: men, in many cases, prefer not to publicly admit that they were scammed, out of shame or to avoid showing weakness.
Making visible to transform
For Gómez Banegas, the value of the study lies not only in the data but in the possibility of generating more effective strategies for financial inclusion. Understanding how different groups operate within the crypto ecosystem is essential to reduce their digital vulnerability.
“Designing public policies with a gender perspective is not a luxury, it is a necessity. Only in this way can we ensure that financial inclusion does not reproduce the same inequalities that exist outside the digital world,” said the founder of MUBIT.
In this line, the project promotes training workshops, awareness campaigns, and partnerships with exchange platforms to promote safer and more equitable environments. Its goal is clear: to democratize access to the crypto world, without gender being a factor of exclusion or risk.