UK Police Say Over $200M Lost to Crypto Fraud This Year
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Over $200 million has been stolen to cryptocurrency fraud this year, according to data from Action Fraud, British reporting center for fraud and cybercrime. This number is by 30% more than was lost throughout the whole of 2020.

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"We would encourage anyone thinking about making an investment to do their research first and to stop and think before making an investment as it could protect you and your money," said Temporary Detective Chief Inspector from the City of London Police, Craig Mullish.

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The cybercrime center says that since the beginning of 2021, it has received over 7,110 reports of cryptocurrency fraud, with an average loss per victim of just over $28,000. The major user base suffered from crypto fraud — victims from 18 to 45 years old.

Earlier in September, the US Securities and Exchange Commission (SEC) called investors to avoid fear of missing out (FOMO), given the rise in price of some digital assets in recent years. The regulator warned that bad actors continue to exploit the "rising popularity of digital assets."

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