Lloyds Bank has issued a warning about the increasing number of cryptocurrency scams, which have risen by 23% this year. Victims are losing an average of £10,741, highlighting the urgent need for increased awareness and regulatory measures in the cryptocurrency space. The report reveals that two-thirds of these scams originate on social media platforms, with Instagram and Facebook being the primary channels. Young individuals between the ages of 25 and 34 are the most common targets of these scams. It takes victims approximately 100 days to report the fraudulent activity to their bank, indicating the persistence and sophistication of these schemes. The City of London Police reported 9,709 cryptocurrency scam cases in 2022, resulting in a loss of £329,199,179, and 7,559 cases in 2023, resulting in a loss of £136,468,004. These figures likely underestimate the problem as they rely on self-reporting. Due to the widespread issue of cryptocurrency scams, many UK banks have blocked transactions to bitcoin trading platforms. Lloyds Bank emphasizes that cryptocurrency is a high-risk asset category with limited regulation, making it an appealing target for fraudsters. Younger Americans are particularly susceptible to fraud, as they are more receptive to unorthodox financial options like cryptocurrencies. They view these new technologies as instruments for upgrading the financial system and reimagining the “American Dream.”