Further Blow For Crypto Credibility As UK Scams Skyrocket

Scams offering fake investments in cryptocurrencies and currency conversion have spiralled in the UK, authorities have revealed, in a development that could add bite to forthcoming proposals to regulate virtual assets.

The country’s fraud reporting service, Action Fraud, has revealed that it fielded more than 1,800 reports this financial year from people who were duped into paying fraudsters offering fake investments in cryptocurrencies and forex — triple the number of reports it received in the previous year.

Losses from the scams totaled £27.3m in the 2018/19 financial year, Action Fraud and the Financial Conduct Authority (FCA) said.

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