In the UK, cryptocurrency scams have significantly increased, with reported losses reaching £306 million in the year ending March 31, 2023—a 41% rise from the previous year. Notably, in November 2022 alone, losses amounted to £115.6 million, largely due to the collapse of the FTX exchange. The Financial Conduct Authority (FCA) and Action Fraud have issued warnings about the prevalence of online trading scams, urging individuals to exercise caution and thoroughly research investment opportunities. This surge underscores the growing need for vigilance against fraudulent crypto schemes.