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UK Crypto Fraud Losses Rise by Over 40% in Past Year, Exceeding £300 Million

Crypto fraud losses in the UK have surged by over 40% in the past year, reaching more than £300 million, with the increase attributed to a rise in crypto scams and bankruptcies related to the FTX debacle. Data analysis by RPC law firm shows that losses from crypto fraud amounted to $370 million in the 12 months to March 2023, up by $250 million from the previous year, with over a third of the losses occurring in November 2022 when FTX filed for bankruptcy. The figures highlight the need for a standardized crypto framework for global investors, as well as caution in regulating crypto assets to protect consumers from related risks.

UK
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