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More people coming towards crypto increases the chances of criminal and fraud activity in the space.
Intensity of crypto frauds have increased in recent times where more people have joined the space and so did the bad actors. Recently, an in depth investigation was done and reported over crypto crimes in the last five years. The report stated that since 2016, in the United Kingdom alone, the number of reported criminal activities is about 34,305. More shocking point was that it had an annual growth rate of 100% on average.
The study, during the compiling the data for reports, was done in different regions across the globe. They looked at the data related to cryptocurrency crimes and complaints. To gather the information they requested under the Freedom of Information Act. They sought knowledge about the situation if it’s getting better or worse across different regions including the USA, the UK and Australia.
As per the reports, the overall number of complaints against crypto crimes had seen their rise in 2021. During last year, they had reached about 9,458 complaints. Although the increase in a number of complaints between the years 2020-2021 remained quite low, their growth occurred during 2019-2020. However, it was still quite high while comparing it with the data five years earlier as it had seen a gain of about 1,243% since the year 2016.
Not talking about the overall period and the crimes took place during the same time, the overall money that crypto crime victims had lost in the course of one year in the United Kingdom alone adds up to over £204 million, which equates to $241 million. Out of a total of 9,458 victims of crypto crimes that happened in 2021, about 12% of them were youngsters. Their study shows that people between the 18 to 25 years age bracket were targeted most.
Although it’s not all that bad everywhere regarding crypto crimes. Opposite to crypto crimes in the United Kingdom, Australia has seen a decrease in the number of crypto crimes. Reports showed that crypto-related illicit activities have experienced a decrease of 12% during the past one year.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
