Copy link
Increase text size
Decrease text size
Link copied

Crypto losses due to fraud in the U.K. up 30% to $200M

The total losses due to crypto fraud from January to October this year already surpassed losses for the entire year of 2020 by almost a third.

Photo by Robinraj Premchand of Pixabay

Wed, 20 Oct 2021, 06:54 am UTC

Losses due to crypto fraud in the United Kingdom are on the rise. In fact, total losses from January to October this year already surpassed losses for the entire year of 2020 by almost a third.

The City of London Police reported that total losses due to crypto fraud in the U.K. for the first ten months of 2021 already reached £146 million ($200 million), according to Coindesk. The figure is 30 percent higher than the total losses reported for the entire year of 2020.

According to Action Fraud, it received 7,118 reports of crypto fraud since the year started. U.K.’s national reporting center for fraud and cybercrime added that this translates to an average loss per fraud of over £20,500 or around $28,000.

With lockdowns causing people to spend more time online, the rising cases of crypto fraud is not unexpected. “Reports of cryptocurrency fraud have increased significantly over the past few years,” Detective Chief Inspector Craig Mullish said. “Being online more means criminals have a greater opportunity to approach unsuspecting victims with fraudulent investment opportunities.”

The reports also noted that more than half of crypto fraud victims are aged between 18 and 45. The trend is to be expected as various reports in the past have already pointed out that the younger investors account for the majority of those investing in cryptos.

One of the most common crypto frauds is through fake celebrity endorsements where scammers create fake advertisements using pictures of well-known personalities to make them appear legitimate and entice victims of their fraudulent schemes.

In fact, Action Fraud reported having received 558 reports of fake celebrity endorsements between April 2020 and March 2021. The center added that 79 percent of such fake endorsements involved crypto.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Gilchris5
  • 2021.10.23 21:13:49
This is for persons seeking to recover all of their lost funds to online scams, you can contact Michael Murphy via the address--> [[email protected] repairman. com/ Whatsapp: +1 (925) 238 2217] for successful recovery and thank me later. I had my blockchain wallet spoofed by merciless rippers, due to lack of 2FA authorization, they were able to get away with my life time saving (6 BTC) from my wallet, this made me very sad and depressed as I was desperately in need of help, I made my research online and came across a very credible and reliable recovery agent on this page. The hacker whom I learned is a partner with chainalysis and audits of where your stolen funds end up helped me recover all I lost and also revealed the identity of the perpetrators, that's why I'm most appreciative and also sharing the contact. For anyone in a similar situation seeking to recover funds lost to online scams, contact the recovery specialist he will attend to it.
  • 0
  • ·
  • 0
More
  • Bitcoin (btc) $49,104.00 (-0.59%)
  • Ethereum (eth) $4,161.81 (+1.04%)
  • Binance Coin (bnb) $555.36 (-2.42%)
  • Tether (usdt) $1.00 (+0.13%)
  • Solana (sol) $191.65 (-7.60%)
  • Bitcoin (btc) $49,104.00 (-0.59%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft