Surge in Cryptocurrency Scams Featuring Celebrities in the UK

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kim Hyunjung] Cryptocurrency scams featuring famous influencers have surged in the UK this year.

Bloomberg News reported on the 28th (local time), citing data released by multinational bank Banco Santander, that cryptocurrency scams in the UK increased by 61% in the first quarter compared to the previous quarter.

The average loss amounted to ?11,872 (approximately 18.7 million KRW), a 65% increase compared to the previous year. The total damage related to these scams in the first quarter of this year was estimated to be around ?2 million.

Chris Ainsley, head of Santander UK, explained, "There has been a sharp rise in 'celebrity-endorsed cryptocurrency' scams that use familiar faces on social media to deceive people." Based on current trends, Santander expects celebrity-endorsed cryptocurrency scams to increase by 87% this year.

A representative example is Richard Branson, the British billionaire and chairman of Virgin Group. He recently mentioned to Bloomberg that he has taken steps to prevent his name from being used in fraudulent cryptocurrencies. Andrew Bailey, Governor of the Bank of England, stated in April this year that cryptocurrency is at the "frontline" of crime types that regulators need to address.

This content was produced with the assistance of AI translation services.