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Home / Business / UK Watchdog reports $ 34 million lost in Crypto and Forex Scams last year

UK Watchdog reports $ 34 million lost in Crypto and Forex Scams last year



The UK's primary financial regulator, the Financial Conduct Authority (FCA), reports that crypto investors in the country lost over $ 34 million due to cryptocurrency and forex fraud from 2018-2019, the Financial Times reports on May 20. 19659002] According to the data collected by the FCA from the UK National Fraud and Crime Reporting Center, action fraud was reduced from individual losses due to fraud from $ 76,000 to $ 18,500 while total losses fell by $ 14 million.

The number of reports more than tripled to reach 1,834, with 81 percent of such reports being crypto scam claims.

As per the report, FCA considers a ban on "high-risk derivatives products related to crypto-massages." For now, FCA CEO Mark Steward has alerts:

"Fraudsters can be very convincing, so always make your own investigation into a company you are considering investing to be sure they are the real deal."

FCA stated that scammers are using social media to find potential investors. The regulator also noted that fraud will often use images of celebrities with false endorsements along with images of luxury goods such as cars and watches.

Last year, the first consulting firm Statis Group published a study that showed that over 80 per cent of ICOs in 201

7 were fraud. The related losses for that year amounted to $ 1.34 billion.

As recently reported by Cointelegraph, new evidence has emerged indicating that alleged bitcoin (BTC) exchange Goxtrade is a scam. Goxtrade allegedly used the real names and images of non-affiliated parties such as blockchain figure Amber Baldet to fill his website staff page and is absent from the UK Business and Business Registry.


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