The U.K. experiences a 40% increase in losses from crypto fraud totaling over £300 million ($370 million) due to an upsurge in crypto scams and the FTX fiasco, highlighting the need for standardized crypto regulations and the cautionary approach of the U.K. government towards crypto asset regulation.
The losses from cryptocurrency fraud in the United Kingdom have increased by greater than 40 percent in the a year ago, reports by Britain’s fraud reporting agency.
Reports by figures from Action Fraud, the losses have surpassed £300 Million ($370 million). This is reportedly owing to an upsurge in cryptocurrency scams and numerous bankruptcies brought on by the FTX Trading Ltd fiasco.
Millions Lost in Cryptocurrency Scams
In the 12 months until March 2023, cryptocurrency fraud losses were $370 Million. Reports by data analysis by the law company RPC, this is an upsurge from about $250 Million the year prior. Greater than a third of the overall losses took place in November 2022, when the exchange filed for bankruptcy. It’s worth noting that, the fall of FTX Trading Ltd significantly contributed to these losses.