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ActionFraud Reports Over $200 Million This Year Lost to Crypto Frauds in UK

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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.

Read: ProShares Bitcoin ETF Launch Date Confirmed, BTC ETF Coming On NYSE On Tuesday, Oct 19th



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.

Read: Twitter CEO, Jack Dorsey Said Square Is Considering Building A Bitcoin Mining System

“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.

Read: Grayscale Plans To Convert Their Bitcoin Trust Into A BTC Spot ETF

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.

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Jakkkhttps://thecryptobasic.com/
Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade and write on cryptocurrencies. My primary aim is to provide genuine information to cryptocurrency readers because crypto is filled with frauds and scams. Accurate information is scarce to get. So We at TheCryptoBasic will be providing accurate information about cryptocurrencies topics that users can trust.

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