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Over $200M Lost to Crypto Fraud in the UK This Year
The figure is 30% higher than for the whole of 2020.
Updated May 11, 2023, 5:21 p.m. Published Oct 18, 2021, 1:42 p.m.
Crypto fraud has accounted for losses of more than £146 million ($200 million) in the U.K. this year, according to the City of London Police.
- The figure is 30% higher than for all of 2020, the City of London Police said Monday.
- The U.K.’s national reporting center for fraud and cyber crime, Action Fraud, has received 7,118 reports of crypto fraud since the start of the year, equating to an average loss of over £20,500 ($28,000) each time.
- Detective Chief Inspector Craig Mullish described the significant increase in crypto fraud over recent years as “unsurprising,” given the increased time that people are spending online.
- One of the most common methods of defrauding victims is through a fake celebrity endorsement, in which pictures of well-known figures accompany advertising for fraudulent schemes in order to make them appear legitimate.
- Action Fraud received 558 such investment-fraud reports between April 2020 and March 2021, with 79% of them involving crypto.
Read more: UK Police Recover $22M in Stolen Crypto From Scammers
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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CFTC's acting chief Pham poised to go to crypto firm MoonPay once Mike Selig lands
The leader of the derivatives regulator is planning to join the crypto industry as the CFTC and other federal regulators work on policies to benefit the sector.
What to know:
- Commodity Futures Trading Commission Acting Chairman Caroline Pham confirmed again that she's heading to crypto firm MoonPay when the Senate confirms her replacement and he's sworn in.
- President Donald Trump's CFTC chair nominee Mike Selig was set for a Senate vote Wednesday evening, according to that chamber's schedule.
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