Celebrity-endorsed crypto scams soaring in UK, Santander says

Crypto scams are getting increased attention as regulators and politicians grapple with how to encourage technological innovation while at the same time protecting unsuspecting consumers. — Reuters

Celebrity-endorsed cryptocurrency scams in the UK are on pace to almost double this year, Banco Santander SA’s local unit said.

“Case volumes” jumped 61% in the first quarter from the prior three months, Santander said in a statement on its website on Tuesday. The average value of the scams was £11,872 (RM63,752), up 65% from a year earlier. Around £2mil (RM10.73mil) was lost to such schemes in the quarter, according to the bank.