Crypto newsCryptocurrencyRise in Crypto fraud

Hype in Cryptocurrencies have lured criminals to capitalise

Crypto Fraud
Photo by Mikhail Nilov from Pexels

Increasing popularity in cryptocurrencies inevitably attracted the scammers and criminals to look for opportunities to commit fraud. According to Action Fraud, a UK’s national reporting centre for fraud and cybercrime, £146,222,332 has been lost to cryptocurrency fraud since the start of this year – which is almost a third more (30 per cent) than was lost throughout the whole of 2020.

“Reports of cryptocurrency fraud have increased significantly over the past few years, which is unsurprising given everyone is spending more time online” Temporary Detective Chief Inspector Craig Mullish, from the City of London Police, reported. He further added ” Being online more means criminals have a greater opportunity to approach unsuspecting victims with fraudulent investment opportunities.”

The young generation looking to earn more in less time and with no efforts are easy targets to such scams. According to the Agency, 18 to 25 year olds accounted for the highest percentage of reports (11 per cent) and over half (52 per cent) of victims were aged 18 to 45 years old.

These criminals advertise opportunities offering exceptionally higher returns through investing in cryptocurrency trading and mining. They try to lure you by offering quick easy money to plunder your money or steal your personal information.

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