Home News Altcoins Last Year, Investors Lost $ 34 Million In Crypto Fraud

Last Year, Investors Lost $ 34 Million In Crypto Fraud


The UK Financial Conduct Authority is considering prohibiting “high-risk derivatives related to crypto assets”.

Mars Finance APP (micro letter: hxcj24h) reported first-line, according to the British financial behavior Authority (FCA) research report, 2018 ~ 2019, the country’s encryption investors due to crypto monetary and foreign exchange fraud, a total loss of $ 34 million.

According to data collected by the FCA from the UK National Fraud and Cybercrime Reporting Center, personal losses due to fraud were reduced from $76,000 to $18,500, and total losses were reduced by $14 million. According to the report, the FCA is considering prohibiting “high-risk derivatives related to encrypted assets”.

FCA executive director Mark Steward warned that fraudulent methods used by fraudsters are often convincing, and investors must research the companies that are preparing to invest and ensure that their trading volume is true.

FCA also pointed out that scammers will find potential investors through social media. Fraud cases often use fake celebrity photos and images of luxury goods such as cars and watches.

Last year, ICO consulting company Statis Group released a research report saying that more than 80% of ICOs in 2017 were scams, and the related losses in that year totaled $1.34 billion. According to the cointelegraph, Bitcoin exchange Goxtrade was recently allegedly advertised for false employee information, and Goxtrade posted photos of non-affiliated employees on social media sites to build its employee gallery. In addition, the company did not register at the advertising address, nor did it exist in the UK corporate registry.

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