– RECOVERY OF FUNDS
What is a cryptocurrency scam? This is an investment fraud whereby criminals steal money from unsuspecting investors trying to invest in digital currency. Also, several of the cryptocurrency platforms are not under the regulations of the Financial Conduct Authority (FCA) and this implies that they aren’t under the protection of the Financial Services Compensation Scheme making it somewhat difficult for the recovery of funds after a scam except you employ the services of a professional money recovery company.The cryptocurrency industry has experienced some tremendous growth within the last couple of years with the value of a digital currency like Bitcoin growing exponentially. This has made several people invest in it and use it as a means of business transaction.However, the successes experienced in the crypto market have also made it a good platform for cryptocurrency scams to thrive online. Surprisingly, in 2021 – cybercriminals scammed people about $14 billion in value of crypto.
Therefore, there is a need to be careful because as prices appreciate – the number of scammers increases, thereby, luring unsuspecting victims to platforms that promise bogus returns on investments. A report on CBC said that there has been an increase in cryptocurrency scams from 1000 percent since 2020 with an average theft moving $500 to $2000 Those who are the most affected are the newbies lured and distracted to invest in dubious online trading platforms.
So, if you wish to know more about cryptocurrency scams, let’s dig in