Over $200M Lost to Crypto Fraud in the UK This Year

The figure is 30% higher than for the whole of 2020.

Oct 18, 2021 at 1:42 p.m. UTC
Updated Oct 18, 2021 at 2:19 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

Crypto fraud has accounted for losses of more than £146 million ($200 million) in the U.K. this year, according to the City of London Police.

  • The figure is 30% higher than for all of 2020, the City of London Police said Monday.
  • The U.K.’s national reporting center for fraud and cyber crime, Action Fraud, has received 7,118 reports of crypto fraud since the start of the year, equating to an average loss of over £20,500 ($28,000) each time.
  • Detective Chief Inspector Craig Mullish described the significant increase in crypto fraud over recent years as “unsurprising,” given the increased time that people are spending online.
  • One of the most common methods of defrauding victims is through a fake celebrity endorsement, in which pictures of well-known figures accompany advertising for fraudulent schemes in order to make them appear legitimate.
  • Action Fraud received 558 such investment-fraud reports between April 2020 and March 2021, with 79% of them involving crypto.



Read more about
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

Trending

1
CoinDesk - Unknown
Sequoia's Guide to Surviving the 2022 Bear Market

Venture capitalists have gotten increasingly frantic over the last few months.

Venture capitalists have gotten increasingly frantic over the last few months.

CoinDesk - Unknown
2
CoinDesk - Unknown
NFT Art Museums Are a Good Idea

The metaverse turns galleries global, and helps fund the arts. This article is part of “Metaverse Week."

The metaverse turns galleries global, and helps fund the arts. This article is part of “Metaverse Week."

CoinDesk - Unknown
3
CoinDesk - Unknown
How the US Can Establish Itself as a Crypto Leader

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

CoinDesk - Unknown
4
CoinDesk - Unknown
No, the UK Is Not Going to Make USDC and USDT Legal Tender

For “legalize” read “regulate.”

For “legalize” read “regulate.”

CoinDesk - Unknown