UK Crypto Fraud Climbs by a Third to Over $270M: Report

The country is in a recession and the cost of living has increased, making some people vulnerable to fraudsters.

AccessTimeIconNov 28, 2022 at 9:35 a.m. UTC
Updated Nov 28, 2022 at 4:27 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

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, the Financial Times reported on Monday.

The U.K. is 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 law firm Pinsent Masons, told the FT.

Crypto crime has been rife in the U.K. Police officers have seized hundreds of millions pounds' worth of cryptocurrency, and crypto experts in the police are stationed nationwide.

Action Fraud didn't immediately return a request for comment.



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 employees, including journalists, may receive options in the Bullish group as part of their compensation.

Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.


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.