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UK Cryptocurrency Fraud Rises By a Third to More Than $270m


UK cryptocurrency fraud rises by a third to more than $270m. According to data from the UK police division Action Fraud, which was revealed by the Financial Times on Monday, cryptocurrency fraud in the UK increased by 32% to 226 million pounds ($ 273) in one year.

The rise in cryptocurrency fraud in the UK cryptocurrency

Due to the current crisis in the UK and the rising cost of living, some people are more prone to fraud. According to Hinesh Shah, a financial advisor at Pinsent Masons, fraudsters tend to prey on inexperienced investors by offering high profits when the going gets tough.

The UK has already seen an increase in cryptocurrency-related crime, with crypto experts being deployed across the country, and police recovering hundreds of millions of pounds worth of cryptocurrency.

NFTs will be scrutinized by UK lawmakers

In addition, at the beginning of November, non-fungible tokens (NFT), which are commonly used for valuation in the UK, were the subject of a public consultation. The bank will discuss ideas for NFT legislation which could be triggered by a review proposal made by the UK parliament. According to the press release, Julian Knight, the chairman of the committee, said that the investigation will help the parliament to understand the opportunities given by the new technology that can make democracy as it is bought and traded.

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