Bitcoin scam: Residents in Cumbria are losing over $270k in investment scams


TL;DR Breakdown:

  • Residents in Cumbria are losing over $270,000 in Bitcoin scams
  • The local authorities have warned residents to avoid such investment schemes.

Bitcoin became an attention-grabbing asset following the recent parabolic rise of the value from below $20,000 to as a high as $40,000 within a period of one month. However, this has also provided scammers an opportunity to rip-off people interested in Bitcoin investment. According to a report on Thursday, residents in Cumbria, United Kingdom, are losing thousands of dollars for a new Bitcoin scam circulating in the region.

Bitcoin scams are ripping off Cumbria residents

Within two days, the UK Action Fraud, the national fraud, and internet crime reporting center received about 400 reports about the Bitcoin scam circulating in Cumbria, according to the Cumbria Trading Standards. The victims of the investment scam reported losses of about $273,000 (£200,000). This prompted quick action from the Cumbria Trading Standards to the warned resident not to invest in such crypto investment schemes.

According to the report, the scammer promoted links to their fraudulent websites on social media platforms like Facebook, including Yahoo, MSN, and AOL. In most cases, the scammers made fake webpages that resembled popular news platforms like BBC. They promoted the links using fake content and celebrity endorsements in order to lure in unsuspecting investors. 

The victims were redirected to the fraudulent websites where the scammers would steal financial and personal information. 

The UK moves to curb crypto scams

Last year, several fraudulent investments surfaced in the UK during the severe times of the coronavirus pandemic. Most of the scammers claimed to have a vaccine for the virus, which they offered for sale in Bitcoin, as Cryptopolitan reported. However, the government stepped up its moves to combat these Bitcoin scams by reaching a partnership to create a system that can detect and alert fake advisements calling for investments in the crypto and forex space. 

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