CRYPTO scams are shifting to social networks such as Instagram and TikTok where influencers may be unaware that they are pushing fake cryptocurrencies.

Millions of Brits have invested in cryptocurrencies but this has given rise to scams.

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Cryptocurrencies have hit record highs this year but have also suffered steep declinesCredit: Reuters

Interest in cryptocurrencies has increased this year after virtual currencies such as Bitcoin and Ethereum hit record highs and smaller coins such as Dogecoin have tried to emulate their rise.

Investing in cryptocurrencies is highly risky as values can be volatile and City watchdog the Financial Conduct Authority (FCA) has warned that investors could lose all their money.

Bitcoin and Ethereum have also suffered record declines in recent weeks, underlining how risky they are.

One of the main ways investors have been buying cryptocurrencies is through…

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