UK’s Action Fraud Finds Bitcoin Scams Using Fake Celebrity Ads Cost 1,200 Investors $19M in Last Year

Action Fraud, the United Kingdom’s fraud helpline, found that Bitcoin (BTC) investors in lost $19 million in hacks and attacks between March 2018 and March this year. This information was released by Which? a few hours ago.

Bitcoin Scammers Stole $19 Million from UK Investors

Although the cryptocurrency industry is very attractive for investors and enthusiasts, it can also be very dangerous for individuals investing in it. Indeed, scammers are everywhere and they are ready to steal users’ funds in many different ways.

Some individuals have also been scammed twice. After being attacked and hacked, fraudsters targeted users making false claims that they could get back the victim’s lost funds for a small payment.

One of the ways that scammers used to steal users’ funds was by impersonating popular celebrities that were offering investment opportunities. Another similar trick was to create fake Twitter accounts impersonating recognized figures in the crypto or political world and asking users to give some virtual currencies with false promises of giving back three times the amount sent.

The Financial Conduct Authority (FCA) has released a report in which they highlighted that UK investors do not understand what they are investing in.

Cryptocurrency exchanges have also been targetted by hackers. Due to the fact that in many of these platforms the funds are stored in hot wallets – that are connected to the internet – hackers can have access to them and steal the funds they have. This has created millions of dollars of losses for crypto investors in the last few years.

Just at the beginning of 2019, the cryptocurrency exchange Cryptopia lost more than $2.4 million in digital assets after a hacker had access to users’ accounts.

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