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Consumers in UK lost over $33.29M in modern get-rich-investment Scheme

Consumers in UK lost over $33.29M in modern get-rich-investment Scheme

Get-rich-investment scheme is one of the most popular scams that has been around since early 20th century. It is usually used to describe shady investment plan with unrealistic return and less effort. Now with the rapid advancement of technology, more and more illegal schemes are getting clever in deceiving daily consumers.

In the United Kingdom, illegal schemes involving cryptocurrencies increased significantly in 2019 compared to the statistics last year. According to a report by the Financial Conduct Authority (FCA), crime related to cryptocurrencies and foreign exchange increased by 74%. The total lost estimated by the agency was at least $33.29 million.

Consumers are usually tricked by scammers to participate into Bitcoin get-rich-investment schemes. Other than high investment return promises, scammers actively use false advertising, luxury rewards, and fake celebrity endorsement such as the recent case by using Kate Winslet’s popularity.

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In terms of regulation, UK currently does not regulate the sale, purchase, storage and transfer on the digital asset strictly. This has led the scammers to operate boldly without fear of any instant repercussions. Plus, the lack of consumers awareness and basic understanding of cryptocurrencies investment may lead to more future cases.

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