Crypto fraud accounted for 66% of all investment fraud reported in the UK last year, a significant rise of 16% from the previous year. Victims collectively lost approximately $830.4 million (£649 million), equating to about $549 million (£428 million) due to crypto-related scams. While the total number of reports to Action Fraud decreased by 7% in 2024, the financial losses increased by 13%. Social media has become a key platform for fraud, with 36% of reports linked to networks like WhatsApp, Facebook, and Instagram. Furthermore, 2% of reported frauds involved impersonation of celebrities, with AI-generated videos used to deceive victims. The City of London Police noted that fraudsters become increasingly sophisticated in crafting convincing pitches that promise quick financial gains. The rise in crypto fraud signifies a need for better regulation and consumer awareness in digital asset investments.

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