0:00:00 UK Consumers Lost $33.29M to Bitcoin Scams: FCA 0:00:06 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC". 0:00:12 Consumers in the United Kingdom lost at least £27 million to scams involving cryptocurrencies like bitcoin, reveals the country’s watchdog. 0:00:21 The Financial Conduct Authority said the amount of crypto- and foreign-exchange related crimes have increased by 74 percent this year. 0:00:29 The authority added that it now has 87 inquiries compared to 50 during the same time last year. 0:00:35 The number includes early-stage inspections to full-fledged enforcement probes. 0:00:40 David Heffron, a partner at Pinsent Masons, a London-based global law firm, believes an increase in the number of FCA’s anti-crypto investigations shows the watchdog’s mounting crackdown on the industry. 0:00:51 “It reflects the FCA’s increasingly hands-on and no-nonsense approach to enforcing the law in the cryptocurrency market,” Masons told the Financial Times. 0:01:01 The crackdown occurs as the leading cryptocurrency bitcoin delivers back-to-back monthly profits to investors. 0:01:07 The instrument has performed exceptionally well against a gloomy economic outlook, especially the one involving the US-China trade dispute. 0:01:15 Its second financial quarter, in particular, delivered more than 150 percent returns to its investors. 0:01:22 Scammers, on the other hand, are using bitcoin’s gains to lure consumers into get-rich investment schemes. 0:01:28 That involves false advertising on social media, coupled with fake celebrity endorsements and luxury rewards, including expensive cars, gold-made wristwatches, etc. 0:01:38 Fraudsters typically encourage investors to put in some amount with a promise of higher profits. 0:01:44 However, at the time of delivery, they disappear, leaving investors empty-handed. 0:01:49 Thanks for watching this video! If you wanna read the whole article you can go to CoinChec