According to the City of London Police, more than 146 million pounds ($200 million) has been lost to cryptocurrency fraud since the start of 2021.
The amount of money allegedly lost in 2021 is 30% more than all of 2020.
City of London police stated 7,118 reports of fraud related to cryptocurrency were made to the U.K.’s national reporting center for fraud and cybercrime this year.
The police added that ages 18-25 accounted for the highest percentage of reports and over half of the victims were ages 18 to 45.
About 79% of all complaints that referred to a fake endorsement were tied to cryptocurrency.
According to the police, fraudsters often use a fake celebrity endorsement to lure people in.
Talking about the incident, Temporary Detective Chief Inspector Craig Mullish said, “Reports of cryptocurrency fraud have increased significantly over the past few years. Being online more means criminals have a greater opportunity to approach unsuspecting victims with fraudulent investment opportunities.”
Between April 2020 and March 2021, Action Fraud received 558 investment fraud reports referring to a bogus celebrity endorsement — with over three-quarters of reports mentioning cryptocurrency as the commodity in which the person making the report invested.
See more from Benzinga
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.