$255 Million USD Lost Crypto Scams in 2018, UK Financial Watchdog Affirms

A lot of money was lost due to scams back in 2018 and some of this money was related to what are known as the crypto scams, the ones that use Bitcoin and similar cryptos to promote their scams, whether they use them or not. Now, the United Kingdom Financial Conduct Authority (FCA) has summarised the losses of local investors last year and came up with a number.

The FCA affirms that $197 million GBP (around $255 million USD) has been lost to scammers and the number counts only British citizens which denounced scams to the institution. According to the FCA, the most common scam involved investments in several markets like bonds, forex markets and cryptos. In average, each victim lost about $37,000 USD.

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