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UK Crypto Fraud Climbs by a Third to Over $270M: Report
The country is in a recession and the cost of living has increased, making some people vulnerable to fraudsters.
Updated Nov 28, 2022, 4:27 p.m. Published Nov 28, 2022, 9:35 a.m.
Cryptocurrency fraud in the U.K. rose by 32% to 226 million pound ($273 million) in one year, according to data from the U.K. police unit Action Fraud, the Financial Times reported on Monday.
The U.K. is in a recession and the cost of living has increased, making some people vulnerable to fraudsters.
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“Whenever times are tough, fraudsters always seek to prey on less experienced investors by promising huge returns," Hinesh Shah, a forensic accountant at law firm Pinsent Masons, told the FT.
Crypto crime has been rife in the U.K. Police officers have seized hundreds of millions pounds' worth of cryptocurrency, and crypto experts in the police are stationed nationwide.
Action Fraud didn't immediately return a request for comment.
Read more: UK Police Have Crypto Experts Stationed Nationwide
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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