It is cleared by the data which is collected by Crown Prosecution Service (CPS) that frauds related to crypto are still not so high, but in the future, the crypto-related frauds will rise as the greed of scammers will increase along with the surge in the price value of Bitcoin (BTC) which is likely to occur in the near future.
Data collected by Crown Prosecution Service (CPS) research shows that the percentage of online fraud recorded is approximately 86%. Because nowadays the whole world is suffering from COVID-19, so online business is at peak as people are taking more interest in online trading the commodities and financial assets, and it is obvious that the ratio of frauds through online working is also getting higher as cryptocurrencies, i.e., Bitcoin (BTC) is getting popularity due to the maximum profit ratio coming out of it.
It is stated that 27,000 cases of fraud are being reported in online working. There are around 5600 cases that are related to cryptocurrency, and it is 20% of the whole records exposed till now. In general, the number of frauds recorded was approximately 822,000, and in comparison to this scenario, frauds related to cryptocurrency and Bitcoin (BTC) account in a minute volume of 0.6% of the overall volume of fraud. These all cases were reported to and by London Police.
Bitcoin (BTC) as the Center of Attention
The online frauds of Bitcoin (BTC) are not so high right now, but in the future, it is expected that the number will rise. In 2020, frauds related to cryptocurrency were near 60%, and it is just because of the pandemic situation in the whole world.
It is clear that the world is moving towards the online world, so the ratio of fraud and scams related to it is also rising in this industry with the greed of the scammers. Bitcoin’s (BTC) price value has gained multiple times as compared to the earlier value of the Bitcoin (BTC), which is no doubt surprising for the crypto community.
Bitcoin Scams are Rising
It is stated by the director of public prosecutions named Max Hill that both crypto and non-crypto-related scams are increasing throughout the world. And it is obvious that wherever the financial profit will maximize, so the ratio of fraud will also rise.
In addition, he said that cases till now are lesser in number, but the scam ratio in the future will rise, so the trader should opt and work in secure ways in order to keep going their financial status.