In a single year, scammers stole more than $200 million in cryptocurrency from British citizens

Cryptocurrency fraud has cost British residents more than $200 million in the last year.

According to the London police, losses were more than £146.22 million, which is 30% greater than the total number of losses for the entire year of 2020. In addition, the National Fraud and Cybercrime Reporting Center in the United Kingdom received 7,118 reports of digital currency fraud.

In each of the calls logged by the police, the average damage caused by fraudsters in the British crypto sector was assessed to be £20,500 sterling, or around $28,000.

According to the Action Fraud group, victims’ inquiries were frequently connected with so-called “cryptocurrency recommendations from celebrities,” according to the Action Fraud group. Scammers developed false celebrity profiles on social media, aggressively marketed different fraudulent projects, or promised supporters a particular amount of cryptocurrency in exchange for a promise to double it. Between April 2020 and March 2021, there were 558 reports of similar events.

Detective Craig Mullish called the surge in cryptocurrency fraud “unsurprising,” blaming it on the fact that the COVID-19 epidemic has spent more time online in recent years. As a result, they can’t resist another enticing offer from an idol to profit from a new asset class. Those who have never been engaged in the sector and have not heard of the dozens of similar incidents of fraud that have become a sort of “anti-trend” on Twitter are particularly vulnerable to this effect.

Local law enforcement officials got the majority of pleas (about 11%) from Britons aged 18 to 25, while 52 percent of individuals impacted by intruders were between 18 and 45.

Citizens should be careful and skeptical of any crypto-related advertising, particularly that which circulates on major social media networks daily, according to the police. They also called customers’ attention to the significant danger of investing in digital currencies, pointing out that expert guidance can protect them from rash expenditure and swindlers’ schemes.

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