Cryptocurrency Fraud in UK Increases by a Third to Over $270M

Increase of Cryptocurrency Fraud in the UK

Due to the crisis that the UK is presently experiencing and rising living expenses, some people are more susceptible to fraud. According to Hinesh Shah, a forensic accountant at Pinsent Masons, fraudsters often aim to rely on less experienced investors by offering enormous profits when circumstances are difficult.

The United Kingdom has already seen a rise in cryptocurrency crime, and there are crypto specialists deployed all around the country, and police officers who have recovered cryptocurrency valued at hundreds of millions of pounds.

UK Lawmakers to Investigate NFTs

Additionally, in early November, non-fungible tokens (NFT), commonly overvalued in the UK, are a topic on which lawmakers are interested in hearing from the public. The Treasury will review the NFT legislation ideas that may result from the research submissions made by UK lawmakers. According to the press release, Julian Knight, the committee chairman, said this probe will also help Parliament understand the opportunities provided by a cutting-edge new technology that may democratize how assets are purchased and exchanged.