Crypto Fraud Victims in UK Lost Around $200 Million in 2021

Victims of crypto-related frauds in the UK have lost around $200 million between January and October this year, a report new report by Bloomberg has shown.

According to the report, the rate at which people fall victim of cryptocurrency-related crimes in the United Kingdom experienced a very significant surg in the first nine months of 2021. When compared to last year, the number of victims this year is relatively higher.

According to local police in the United Kingdom, majority of these bad actors often use a fake celebrity endorsement to lure people in.

The report by Bloomberg indicated that there have been 7,118 reports of schemes related to digital assets in the UK between January and October this year.

The monetary value of these scams, which currently hovers around $200 million, is 30 percent more than the whole of 2020.

According to authorities in the country, at least 50 percent of the victims were aged between 18 and 45 years old, an indication that young people are more likely to get duped.

This is unsurprising considering the fact that investing in bitcoin and the altcoins is highly popular among the youngest locals as nearly half of those under 30 years old choose the crypto market as their first investment option.

The City of London Police also informed that the most common tactic of the criminals is to lure people into fake celebrity endorsements, as 79 percent of all the cases were of that type.

“Reports of cryptocurrency fraud have increased significantly over the past few years. Being online more means criminals have a greater opportunity to approach unsuspecting victims with fraudulent investment opportunities,” Temporary Detective Chief Inspector, Craig Mullish was quoted saying.

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