UK Crypto Fraud Rose By A Third In One Year: Financial Times Report
Police data shows that crypto fraud in the United Kingdom increased by one-third in a year, with crooks taking hundreds of millions of pounds from customers, according to the Financial Times on Monday.
The increase in reported losses revealed through a freedom of information request to the UK police unit Action Fraud comes as the industry continues to suffer the consequences of the collapse of major exchange FTX.
The United Kingdom is now in a recession, and the cost of living has risen, rendering some individuals vulnerable to con artists.
From October 2021 to September 2022, financial losses involving cryptocurrency reported to Action Fraud totaled £226 million ($273 million), a 32% rise over the same time the previous year. The total number of recorded events increased by 16% to 10,030.
Hinesh Shah, a forensic accountant at Pinsent Masons, told the Financial Times:
“Whenever times are tough, fraudsters always seek to prey on less experienced investors by promising huge returns.”
Crypto fraud is already prevalent in the United Kingdom, with police officers seizing hundreds of millions of pounds in Bitcoin and crypto specialists stationed around the country.
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