CandleFocus Crypto scams cost French victims €500m annually, AMF says
2024-12-26
Author: Content Editor
French authorities are currently dealing with a significant increase in cryptocurrency scams, leading to an estimated €500 million in losses each year. The Paris Public Prosecutor's Office estimates that victims of financial scams lose an average of €29,000 annually. Many of these scams specifically target crypto investors using fake celebrity endorsements and investment platforms. The authorities have taken action against fraudsters, blacklisting nearly 5,000 unauthorized market participants and blocking around 350 fraudulent websites since 2022. A study conducted in November 2023 revealed that more French individuals own cryptocurrencies compared to stocks or exchange-traded funds. The Autorité des Marchés Financiers (AMF) advised the public to remain cautious, urging individuals to verify offers before making investments and consult official registers.
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