Cryptocurrency (Bitcoin) Scams in London: How to find? What are the Known scams?

Cryptoasset ​​​​​​investment scams

What is a bitcoin scam in London, UK?

According to exclusive new data, Bitcoin is the most popular method for internet scammers to target Brits with fraudulent marketing.
Approximately 95% of the alerts given by the Advertising Standards Authority of the United Kingdom to major digital advertising and social media platforms like Facebook and Google were related to bitcoin scams.
Scams using the likes of Apple co-founder Steve Wozniak, Microsoft co-founder Bill Gates, and Tesla CEO Elon Musk as phony marketing ploys sometimes take the form of bitcoin giveaways or promises of double returns.

What are the known scams in London?

Scams using the likes of Apple co-founder Steve Wozniak, Microsoft co-founder Bill Gates, and Tesla CEO Elon Musk as phony marketing ploys sometimes take the form of bitcoin giveaways or promises of double returns.

The adverts you may have seen on prominent social media platforms are one type of cryptocurrency-related scam. These frequently appear on Facebook and use photographs of well-known celebrities, like Mel Gibson, to urge others to invest in cryptocurrencies. Across the globe, organized criminal organizations play on people’s lack of information in this area to perpetrate these frauds.

How to avoid it?

  1. Always double-check URLs to be sure you’re on the right page.
  2. Do not click on strange links sent to you via email.
  3. Never give out your private key to anyone.
  4. Before making an account on any exchange or wallet, do your homework. What is the name of the group that created the exchange or wallet? What is the location of the company’s registration? Is there any reliable feedback from other users that can attest to its legitimacy?
  5. Compare the username of the suspected fraud account to the username of the celebrity’s legitimate account.
  6. Using a blockchain explorer, verify the specified bitcoin address. You can observe how much money the scam is making and whether or not money is being sent out.
  7. Keep an eye out for cryptocurrency ventures that push you to bring in new investors in order to increase your profits.
  8. Never put your faith in a system that makes promises that seem too good to be true.
  9. Never download or install software unless you’re certain it’s from a reliable, legitimate source.
  10. Do not open attachments that appear to be suspicious.
  11. Deal with the authorized firm or individual.

Where to report the cryptocurrency scam in London?

1.Action Fraud UK

Using the online fraud reporting service, you can report fraud or cybercrime to Action Fraud at any time of day or night. You can also report fraud or cybercrime and obtain assistance by

Phone: 0300 123 2040 or
Text phone: 0300 123 2050.
Hours: Monday-Friday 8 am-8 pm; Saturday & Sunday – Closed

2. The Financial Conduct Authority

Address: 12 Endeavour Square, London E20 1JN.
next generation text relay: (18001) 0207 066 1000.
Consumer Helpline number: 0800 111 6768
Phone: 0800 111 6768 (freephone), 0300 500 8082 (from the UK), +44 207 066 1000 (from abroad)
Hours: Monday to Friday, 8am to 6pm and Saturday 9am to 1pm.

3. Information Commissioner’s Office (ICO)

How to recover the lost cryptocurrency?

1. Check your gadgets for malware 

It’s possible that a harmful software infection allowed the hacker to gain access to your funds. Check to see if the devices you use to handle your money are clean. You can use our malware detection and removal tutorial to help you.

2. Contact your bank

If the transaction had related costs that hit your bank accounts – such as transaction fees or deposits – then contact your bank immediately and let them know it is an unauthorized/fraudulent transaction.

3. You can track the transactions

Track the transaction of the wallet address where your cash was stolen by following the money. If you observe the scammer attempting to transfer funds from your wallet to cryptocurrency exchanges in order to sell them for flat currency, immediately report them to the appropriate exchanges. Following the money path with blockchain explorers and tracing your stolen dollars is one way to catch the scammer.

4. Check with a bounty hunter 

There are websites where you can post a bounty if you are willing to pay a reasonable sum for the return of your funds. Expert blockchain searchers will look into the theft and determine if the monies can be recovered for a fee.

How to check if the firm or individual is an authorized from FCA when you are investing in to crypto currency?

Most of the firms or individual should be registered under Financial Conduct Authority (FCA). If it is not registered, check here.

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