UK has reported over 34,000 Crypto Scams In the last six years

The number of crypto scams or frauds has significantly increased along with the surge in the popularity of cryptocurrency trading globally. Since 2016, there have been 34,305 allegations of cryptocurrency-related criminal activity in the UK alone.

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• Crypto scams or frauds have significantly increased
• $33 billion in cryptocurrencies have been laundered by hackers
• Countless allegations of fraud and scams involving cryptocurrencies every day

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Globally, cybercrime is now a pervasive problem. The level of cryptocurrency-related crime reached its peak in 2021. A blockchain data company called Chainalysis calculated that thieves laundered $8.6 billion in cryptocurrencies in 2021, a 30 per cent rise from the previous year.

Nearly $33 billion in cryptocurrencies have been laundered by hackers since 2017, with the majority of that sum eventually moving to centralized exchanges. As opposed to this, the UN Office on Drugs and Crime estimates that up to 5% of global GDP, or between $800 billion and $2 trillion in fiat currency, is laundered every year.

Nevertheless, crypto scams always occur where there is money involved. In light of the fact that authorities from all over the world receive countless allegations of fraud and scams involving cryptocurrencies every day, investors and traders will need to pay much greater attention to their trading.

Due to the widespread hacking and fraud schemes conducted within its borders, the United Kingdom is currently rated fifth. However, North Korea tops the global list for cryptocurrency crime.

Due to its loose business restrictions, which make it easy for fraudsters to hide the source of money and its ultimate destination, the UK is a global centre for bitcoin crimes. As a result, cryptocurrency fraud has a long history in the nation.

Crypto Scam Reports From The UK From 2016

There were just 704 recognized crypto scams in 2016, but by 2020, there were 8,801 documented cases, a startling growth of 1,150 per cent. After that, in 2021, there was another spike. 9,458 cases of bitcoin crime were reported in that year. Once more, it was an increase of 1,243 per cent compared to the information for 2016.

In addition, more than £204 million was lost by victims of cryptocurrency crime in the UK in just one year in 2021.

There were 671 reports in the first month of 2021, and the reported losses came to £13 million. 906 reports, or the most ever, were recorded in April. The largest financial losses, totalling £23 million across 793 cases, occurred in November. The total loss for the year was £204.5 million.

Additionally, younger generations are more likely than older ones to fall for cryptocurrency frauds. It turns out that in 2021, people between the ages of 18 and 25 accounted for 12.3% of all fatalities. Men are also more frequently targets of cryptocurrency crime than women are.

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