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

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

AccessTimeIconOct 18, 2021 at 1:42 p.m. UTC
Updated May 11, 2023 at 5:21 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.


Disclosure

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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about