The UK's financial watchdog, the FCA, has issued a warning for those looking to invest in Bitcoin. The popular cryptocurrency is reportedly being used to walk people into scams.
There have been several reports of people being contacted by fraudsters on social media platforms, who offer their victims the opportunity to invest in Bitcoin and promise them high returns.
Those who fall for the scam will find their money 'locked', with fraudsters only agreeing to release their assets if high fees are paid. In some cases, scammers have refused to return investor's money, without giving them the opportunity to pay a fee in order to see their money released.
Bitcoin scammers create professional websites, complete with fake reviews and impressive logos in order to convince potential investors that their business is legitimate.
The FCA's ScamSmart campaign has found that those who are 25 or younger are most likely to be victims of the latest cryptocurrency scams. Researchers found that people under 25 were six times more susceptible to Bitcoin scams, in comparison to people who were 55 or older.
The FCA has previously spoken out against cryptocurrency investments, warning people that they should prepare themselves to "lose all their money" if they invest, including through the use of legitimate businesses.
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