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Cryptocurrency-related scams are becoming more and more common. According to data from Action Fraud, investors lost £113 million to crypto scams in 2020. This is a year-on-year increase of 57% across the entire UK.
Metro Bank points out that because there’s no centralised authority to regulate the crypto market, consumers don’t have a lot of guidance when it comes to investing. In addition, cryptocurrencies can fluctuate in price dramatically within days, which makes it easier for scammers to trick people into investing.
When researching investments and potential scams, keep in mind that investing in cryptocurrency is extremely high risk and complex. The Motley Fool has provided this article for the sole purpose of education and not to help you…
