The Financial Conduct Authority (FCA) of the United Kingdom reported that over the past year, the number of crypto and Forex scams has tripled (from 530 to 1834).
However, despite the growth in the number of fraudulent schemes, the total amount of investor losses for the year decreased from £ 38 million ($ 48 million) to £ 27 million ($ 34 million). The average size of losses per investor also fell from £ 59,600 ($ 75,827) to £ 14,600 ($ 18,575).
According to the financial regulator, in most of the fraudulent schemes (81%) cryptocurrencies are involved. In addition, FCA reported that in order to attract people into their projects, scammers often use social networks, promise quick profit to inexperienced investors, and also use fake celebrity statements.