According to data from the U.K. police division Action Fraud, which was revealed by the Financial Times on Monday, cryptocurrency fraud in the country increased by 32% to 226 million pounds ($273 million) in a year.
Because of the crisis and rising living expenses in the UK, some people are more susceptible to deception.
According to Hinesh Shah, a forensic accountant at Pinsent Masons, “fraudsters often seek to prey on less experienced investors by offering enormous returns,” when circumstances are difficult.
The United Kingdom has experienced a rise in cryptocurrency crime, and there are now crypto experts stationed all around the country as well as police officers who have recovered bitcoin valued at hundreds of millions of pounds.
Action Fraud was contacted by CoinDesk for a response about the report.