This week’s OSIN presents UK Crypto Fraud Report 2022/23

According to new data released by international law firm RPC, the value of reported cryptocurrency fraud in the UK reached a record high of GBP 306 million in the year 2022-23, a 41% increase from the previous year. The collapse of FTX in November 2022 contributed to this surge, with GBP 115.6 million reported lost to fraud in the UK that month. However, there are signs that the impact of crypto fraud may be easing, as the number and value of reports from December 2022 to March 2023 have decreased compared to the previous year. This could indicate that investors are becoming more cautious or better educated about the risks. Nonetheless, it’s important for individuals to educate themselves about scams and prioritize account security to reduce the risk of falling victim to fraud. There is also a concerning trend of crypto recovery scams, where fraudsters impersonate companies offering asset recovery services and disappear after receiving upfront payments.