More than 10,000 crypto fraud reports were made this year, a 16 per cent rise on 2021, as thousands of people were scammed.
The value of UK crypto fraud surged by 32 per cent from £171m to £226m this year, according to data from Action Fraud, obtained by law firm Pinsent Masons via a freedom of information request.
Hinesh Shah, a senior associate at the firm who specialises in forensic accounting and financial crime investigations, said “whenever times are tough, fraudsters always seek to prey on less experienced investors by promising huge returns.”
“Given the huge sums which some crypto investors made during the boom, scams involving cryptocurrencies can be especially potent for smaller investors who may be desperate to make a ‘quick buck’.”
Read more at City A.M.
