UK authorities forecast rise in cryptocurrency fraud

The Crown Prosecution Service of the United Kingdom (CPS) expects a surge in cryptocurrency-related scams. The Financial Times reports this.

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According to police data, in 2019-2020 in the United Kingdom and Northern Ireland there were 27,187 cybercrimes. A fifth of the reports (5,581) relate to digital assets.

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The CPS chief Max Hill noted relatively low interest among criminals in Bitcoin. In his view, the figure will rise over time.

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The FCA warned about the risks of investing in cryptocurrencies. The regulator noted that investors “should be prepared to lose all their money”.

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Earlier in April 2021, the FCA suspected the Blockchain Recovery Department of fraud — it posed as a branch of a licensed company.