UK Crypto Fraud Climbs by a Third to Over $270M: Report
Cryptocurrency fraud in the U.K. rose by 32% to 226 million pound ($273 million) in one year, according to data from the U.K. police unit Action Fraud, reported by the Financial Times on Monday.
The U.K. is currently in a recession and the cost of living has increased, making some people vulnerable to fraudsters.
“Whenever times are tough, fraudsters always seek to prey on less experienced investors by promising huge returns," Hinesh Shah, a forensic accountant at Pinsent Masons, told the FT.
Crypto crime has been rife in the U.K. already, and police officers in the country have seized hundreds of millions pounds worth of cryptocurrency and there are crypto experts in the police stationed nationwide.
CoinDesk reached out to Action Fraud for comment on the report.