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<p class="is-style-lead">The United Kingdom’s Action Fraud has revealed that cryptocurrency-linked fraud cases have increased in the past year, reaching 306 million pounds ($378 million). Authorities have proposed regulating the UK’s web3 space, like its gambling sector.</p>



<p>Despite a significant <a href="https://crypto.news/crypto-adoption-rises-despite-setback-from-scams-and-rug-pulls-weekly-recap/">increase</a> in crypto and web3 adoption, scams, hacks, and heists have continued to plague the industry, with recent research data estimating that market participants lost nearly <a href="https://crypto.news/slowmist-security-report-shows-crypto-industry-lost-3-78b-in-2022/">$4 billion</a> to bad actors in 2022 alone.</p>



<p>In the latest development, Action Fraud, the UK’s national reporting center for cybercrime and fraud, has revealed that crypto investors in the country have lost over GBP 300 million to bitcoin-related (<a href="https://crypto.news/bitcoin-price/">BTC</a>) scam schemes over the past year.</p>



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<p>This represents a 41% increase in crypto fraud losses compared to the 216 million pounds lost in the previous year. The <a href="https://www.ft.com/content/88602223-004b-4e27-b9eb-c45e1f850f9f" target="_blank" rel="noopener">report</a> notes that more than a third of the crypto scam incidents occurred in Nov. 2022, coinciding with Sam Bankman-Fried’s <a href="https://crypto.news/popular-crypto-twitter-personality-says-ftx-collapse-was-a-premeditated-crime/">FTX scandal</a>.</p>



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<h2 class="wp-block-heading" id="curbing-the-menace">Curbing the menace&nbsp;</h2>



<p>As recently reported by crypto.news, a select group of UK lawmakers has urged authorities to regulate cryptщ like gambling activities since regulating retail crypto trading as financial services could mislead investors.</p>



<p>Last month, <a href="https://crypto.news/uks-fca-is-looking-to-collaborate-with-crypto-entities/">reports</a> emerged that the Financial Conduct Authority (FCA) had signaled plans to formulate a crypto regulatory framework in collaboration with web3 businesses in the UK, to ensure compliance with anti-money laundering and counter-terrorist financing (CTF) laws. </p>



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UK sees over 40% surge in crypto-related fraud cases

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