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Cryptocurrency scams soar during the bitcoin frenzy

Victims report losing millions every week as fraudsters lure them with fake investments
Cryptocurrency scams soar during the bitcoin frenzy
  • Reports of cryptocurrency scams more than doubled in January
  • Authorities may not have the resources to keep up with the sheer number of fraudulent bitcoin promotions that have proliferated across social media

Cryptocurrency scams have soared in recent months, new figures reveal, as victims report losing millions every week to criminals seeking to capitalise on the bitcoin craze.

As the value of bitcoin rallies, the findings have prompted warnings that the get-rich-quick frenzy is leaving new investors vulnerable to scammers, potentially overwhelming authorities with far more cases than they can deal with.

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