Swedish Financial Regulator Reports Surge in Investment Fraud by Bitcoin Users in Q3 2023。Sweden's Financial Supervisory Authority (FSA) says thousands of consumers are cheated every year。

In the third quarter, about 1,216 companies targeted individuals through investment scams.。This number is said to have increased significantly compared to the previous year.。

Mikael Sandahl, the FSA's financial inspector, said in a statement: "Fraud is an important source of funding for criminal gangs and is growing, causing billions of dollars in losses.。They promise easy investment and high profits, luring consumers into investing。"

Suspicious loans and mail fraud

Bitcoin is one of the bait used by scammers。These outlaws have been targeting consumers, claiming they own large amounts of bitcoins linked to a fictitious entity called the "CFDS Cryptocurrency Platform," offering consumers alleged holdings worth more than SEK 1 million in exchange for fees.。

Consumers have also reported a surge in fraudulent lending through dubious websites in Sweden, promising low-interest loans that are quick and easy to get.。However, once the loan is approved, the consumer must pay an upfront fee before the loan is disbursed。

The FSA alleges that these costs are often disguised as set-up costs, initial interest payments, insurance or other administrative costs.。However, those who paid these fees never received the promised loan amount。As a result, Swedish regulators remind users to be wary of emails。

Cryptocurrency Crime Escalation

The FSA's report was confirmed by research published in September by analytics firm Certik, which noted that in the third quarter, the cryptocurrency space lost 8 percent due to hacking and exploits..900 million dollars。Lazarus Group is one of the synonyms of cryptocurrency crime, a hacking entity linked to North Korea.。The group was involved in a number of major attacks, with $94 million in stolen cryptocurrencies.。

In 1,207 cryptocurrency-related hacks since 2011, losses were reported as high as 123..600 million dollars。In 2023, hackers stole 28 per hour from these criminal activities..$90,000, an alarming trend。

The impact of cryptocurrency hacks is not evenly distributed across all cryptocurrencies。Bitcoin and Ethereum have been hit the most, with losses due to security breaches of 1,454,762 BTC and 1,175,082 ETH, respectively, since 2011.。At current market prices, losses were as high as 402.$700 million and 19.300 million dollars。