Fake cryptocurrency investments are a growing concern. In 2021, according to Action Fraud, Britons lost more than £150 million to cryptocurrency fraudsters, with 18-25-year-olds the hardest hit. Like traditional money, cryptocurrencies can be used to buy goods and services, and they can be traded for profit. So, it is no surprise that the cryptocurrency is being targeted by criminals. With the equivalent of millions of pounds being stolen from cryptocurrency holdings each year, this is a very lucrative market.
Ads on social media that invite potential investors to click through to websites that look genuine (imposter scams) are a particular problem. These appear to be run by legitimate financial services companies, and they often seem to be endorsed by well-known celebrities. Offering high, guaranteed returns, these advertisements are often fake, and people lose all their money after “investing”. At KP Law, we help people affected by cryptocurrency investment fraud get their money back.
Likewise, if a UK-regulated financial advisor recommended that you invest in cryptocurrency, but they did not give you enough information about the product, the investment was unsuitable for your needs, or the advisor misled you, you may be a victim of mis-selling, and we can help you make a claim.
The FCA’s advice to consumers is clear. It says that “Crypto assets are considered very high risk, speculative purchases. If you buy crypto assets, you should be prepared to lose all your money.” Unfortunately, many investors continued with their investments in crypto assets, often on the recommendation of trusted financial advisors, and have now suffered substantial losses.
Providing a cool head in a crisis, we remove the burden from your shoulders as we fight for justice. What’s more, because we offer no-win, no-fee funding arrangements, you will benefit from expert legal support and complete peace of mind without having to worry about costs. Our solicitors have even won cases where victims had been told that there was little to no chance of compensation.
If you are the victim of a crypto investment scam or mis-selling, contact us in confidence to find out how we can help.