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UK investors have lost $200M in cryptocurrency scams since 2021

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  • Investors in the UK have lost over $200 million in cryptocurrency scams since this year. 
  • About 558 of the fraud reports were related to fake celebrity endorsements.

Cybercriminals are still capitalizing on the growing attention and popularity of digital currency to siphon money from unsuspecting investors. Recently, the fraud and cyber reporting center of the United Kingdom (UK), Action Fraud, disclosed that the residents have lost over $200 million (or £146,222,332) in cryptocurrency scams since the beginning of the year.

Cryptocurrency scams up 30% in UK

The losses so far already represent a 30 percent increase from the record last year. The Action Fraud said investors have filed 7,118 reports of cryptocurrency scams since January, most of which were from people below the age of 50 years, losing over $28,000 (£20,500) on average. The majority of the victims (52%) were aged between 18 and 45.

“Reports of cryptocurrency fraud have increased significantly over the past few years, which is unsurprising given everyone is spending more time online,” said Temporary Detective Chief Inspector Craig Mullish from the City of London Police. “Being online more means criminals have a greater opportunity to approach unsuspecting victims with fraudulent investment opportunities.”

Fake celebrity endorsements

The Action Fraud noted that some of the cryptocurrency scam reports they received were connected to fake celebrity endorsements. We have reported several cases where cybercriminals impersonate well-known figures or use fake testimonies to deceive people into investing in their projects. 

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Between April 2020 and March 2021, about 558 UK investors filed fraud reports involving “bogus celebrity endorsements,” and 79% of all the inventors who fell for these scams said it was crypto-related. 

As recently as October 15, Cryptopolitan reported that scammers made away with about $1.4 million from Tinder users who were tricked into a fake Bitcoin dating app. 

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Former Wall Street Banker Partners With Ethereum Competitor for New $1,500,000,000 Crypto Fund

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A former Citigroup executive is shaking up the crypto investment space with a $1.5 billion venture, partnering with a leading layer 1 altcoin project.

Hivemind Capital Partners is an investment firm founded by Matt Zhang, a 14-year Citigroup Inc veteran. In a press release, Zhang announces Hivemind’s mission to provide solutions to early blockchain entrepreneurs through the creation of a new “tailor-made crypto investment platform.”

“We believe blockchain technology is a paradigm shift, and we are still in the early innings. Our mission is to provide start-to-finish capital and infrastructure solutions to visionary entrepreneurs and category-defining crypto projects.

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The traditional asset management model is not designed to do this, which is why we are building a tailor-made crypto investment platform from the ground up that also offers the infrastructure institutional investors need for risk management, compliance and security.”

Hivemind is partnering with payments and decentralized finance (DeFi)-focused blockchain Algorand (ALGO) as a “strategic partner to provide technology capability and network ecosystem infrastructure.”

“We believe that Algorand is the preeminent blockchain protocol that allows institutional and corporate users to connect with the decentralized economy. With the explosive growth of the digital asset space, people tend to forget how early the crypto economy still is. We want to team up with partners who have the patience to build an enduring business.”

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However, Zhang notes that Hivemind is exploring partnerships with other layer 1 blockchains as the project progresses.

“We are also in active discussions to form partnerships with a number of other leading layer-1 networks. The goal is to build a multi-chain world to let our investors see the best opportunities across the entire crypto ecosystem.”

ALGO, trading at $1.82 at time of writing, is up nearly 12% on the day. The payments blockchain has interest from other large investors lately, including an endorsement from American financier Anthony Scaramucci last month.

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Jack Dorsey Steps Down as Twitter CEO

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Jack Dorsey has reportedly decided to step down as the chief executive officer of Twitter.

The price of Twitter shares shot up by double digits as news broke that the CEO of the social media giant – Jack Dorsey – has decided to quit.

  • CNBC reported, and later was confirmed by Jack Dorsey himself on twitter, the breaking news about Jack Dorsey’s decision to step down as the chief executive officer of Twitter.
  • The news comes as somewhat of a surprise at the moment, given the support Dorsey had. Last year, reports emerged that Paul Singer – billionaire investor and founder of Elliot Management Corp, wanted to replace Dorsey.
  • Shortly after, though, it became clear that he will remain at his position, which was regarded as positive news for Bitcoin supporters since Dorsey is among the most well-known proponents of the primary cryptocurrency.
  • In the past, he has repeatedly outlined BTC’s merits and even suggested during the 2021 Bitcoin Conference that he would quit being the CEO of Twitter and Square if BTC needed him, which raises the question of whether he has done precisely that.
  • Nevertheless, there will be many questions inside the community about what will happen to the relationship between Twitter and Bitcoin. The social media giant has been highly supportive of the cryptocurrency, including allowing BTC tips.
  • Separately, the news about Dorsey’s stepping down as Twitter CEO propelled a price surge for the company’s shares, which opened 10% higher than the last close.

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MicroStrategy Buys $414 Million Worth of Bitcoin

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MicroStrategy has announced another massive Bitcoin purchase

Business intelligence firm MicroStrategy has wowed the cryptocurrency community with yet another massive Bitcoin purchase. 

The company announced Monday that it had bought an additional 7,008 Bitcoins at an average price of approximately $59,187 per coin since the beginning of October.

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MicroStrategy’s Bitcoin riches have now swelled to 121,044 coins, whose average purchase price is $29,534.

The company currently holds roughly 0.64% of Bitcoin’s total circulating supply.

Bitcoin did not budge on the announcement as it continues to flatline just above the $57,000 level.

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As reported by U.Today, the flagship cryptocurrency has managed to partially recover from the violent sell-off that took place on Monday.

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