The amount of money lost in previously reported crypto fraud cases has increased by 30% compared to last year’s numbers.
According to the company, cryptocurrency fraud cases surged in the UK during the first nine months. Bloomberg report.. Between January and October, more than £ 146 million ($ 201 million) was lost in cryptocurrency scams, with the majority of the victims being young people. The City of London Police has revealed that a total of 7,118 reports of cryptocurrency-related fraud have been filed.
To address this issue, Inspector Morse Craig Mullish said the increase in the number of cryptocurrency fraud cases was not entirely unexpected.
“Cryptocurrency fraud reports have increased significantly over the last few years. Being online means more opportunities for criminals to approach unprotected victims with fraudulent investment opportunities. “
Local police officials have warned that most scammers will enter the opportunity approved by celebrities to create fake approvals to deceive unprotected victims. The warning is backed by statistics, as nearly four-fifths of complaints filed about fake backings in the UK revolve around cryptocurrencies.
Over 50% of cryptocurrency fraud victims are between the ages of 18 and 45. This is not surprising given that the young population makes up the majority of people investing in cryptocurrencies.
A July poll conducted by market research and insight agency Opinium revealed that half of British people between the ages of 18 and 29 see cryptocurrencies as their first investment. Specifically, the findings show that young Britons value Bitcoin and Dogecoin as the best cryptocurrencies to invest at the time.
Around the same time, retail and commercial bank NatWest urged users to be aware of fraud and the threat of fraud in the crypto industry. Bank CEO David Lindberg specifically warned about a fake cryptocurrency platform created to steal from unknowingly investing people. Lindberg also labeled the UK crypto market as a hotbed for crypto scammers.
“Scams and scams are an industry. They are intelligent, fast-moving, and it’s painful to see how they’re trying to destroy life.” he Said at the time.
