UK: $2.5 Million Losses in Crypto-Related Scams Reported This Summer

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British police have warned the public about fraudulent investment schemes involving cryptocurrencies, the volume of which has led to 2 million pounds ($2.55 million) worth of losses this summer, according to an announcement published August 10.

In the announcement, the police cite statistics prepared by the Action Fraud national reporting center for fraud and cyber crime, which shows that in June and July victims reported losses of $2.5 million in cryptocurrency scams. The average loss totaled to roughly 10 thousand pounds ($12,700 thousand) per person. Director of Action Fraud Pauline Smith said: “It’s vital for anyone who invests or is thinking of investing in cryptocurrencies to thoroughly research the company they are choosing to invest with. The statistics show that opportunistic fraudsters are taking advantage of this market, offering investments in cryptocurrencies and using every trick in the book to defraud unsuspecting victims.” Fraudsters reportedly lure potential victims with “get rich quick”