Action Fraud accounted that the number of cryptocurrency crimes increased by 30% compared to 2020. Damage exceeded £146 million according to the City of London Police.
Cryptocurrency fraud losses in the UK are more than £146 million ($200 million) this year, according to the City of London Police. Action Fraud, the national center for fraud and cybercrime reporting, said this is 30% more than last year.
“The number of cryptocurrency scams has increased over the past few years. This is not surprising given that everyone is spending more time online. Criminals now have even more opportunities to interact with victims online.” said Chief Inspector Craig Mullish.
Since the beginning of this year, Action Fraud has received 7,118 cryptocurrency fraud reports. The average loss per victim faced was around £20,500 ($28,000).
11% of fraud reports were from people 18-25 years old, 52% from 18 to 45 years old. Often, scammers created ads, emails, and websites, celebrities’ images to advertise fake investment opportunities. From April 2020 to March 2021, Action Fraud received 558 reports of investment fraud.
In the United States, the Financial Crime Agency reported that the total amount of payments in cryptocurrencies to ransomware attackers was $5.2 billion in 2021.