Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

Seeking Alpha 2022-11-28 18:18:16

Crypto fraud in U.K. jumps by one-third to above $270M - report

Cryptocurrency fraud in the U.K., which is dealing with a cost-of-living crisis, mounted to 226M pounds (US$271.5M) in a single year, climbing 32% from October 2021 to September 2022, the Financial Times reported, citing data from the country's police unit, Action Fraud. The data also showed that the number of reported losses gained 16% to 10.03K at the time. “Whenever times are tough, fraudsters always seek to prey on less experienced investors by promising huge returns," said Hinesh Shah, a forensic accountant at Pinsent Masons, as quoted by the FT. He added that scams involving cryptos were greatly targeted at smaller and less sophisticated investors that were desperate to make a quick profit during last year's bull run and this year's bear market. It would be interesting to see if the number of crypto-related financial losses rose even more after the ongoing fallout from crypto exchange FTX, which filed for Chapter 11 bankruptcy protection earlier in November. Action Fraud did not immediately respond to Seeking Alpha's request for comment. Previously, (Sept. 22) U.K. government unveiled bill to "seize, freeze and recover" crypto .

freebitcoin
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.