The French Financial Markets Authority (AMF) has reported that citizens of the country have suffered significant losses from cryptocurrency fraud. According to data provided by the Paris prosecutor’s office, annual losses due to the actions of criminals have reached 500 million euros, which is approximately 520 million US dollars. About this informs AMF.
The AMF notes that the average loss to fraud victims in 2024 is €29,000 (about $30,000). Criminals often target crypto-investors using a variety of scams. Some of them convince citizens that their investment projects are supported by celebrities, others impersonate well-known investment platforms.
Cryptocriminals actively use modern technologies to create trust. Using artificial intelligence and deepfake technology, they create fake videos and articles in which famous people purport to talk about their success in cryptocurrency trading. These materials create an illusion of legitimacy, misleading people and encouraging them to invest in fraudulent projects.
From 2022, the AMF, together with the French Prudential Control Authority, is taking measures against illegal cryptocurrency services. Almost 5,000 such platforms have already been blacklisted, and about 350 fraudulent websites have been blocked.
In November 2023, the AMF conducted a survey that showed that 9% of French people own cryptocurrencies. These statistics demonstrate the popularity of crypto-assets in the country, making it an attractive target for criminals.
Last week, the AMF, in cooperation with the Interregional Specialized Office for Combating Organized Crime (JIRS), conducted raids to search for illegal crypto machines. During the operation, several units of such equipment were seized.
The French authorities urge citizens to be careful when working with cryptocurrencies, especially with investment projects that promise quick and large profits. It is also recommended to check information about platforms using official resources and avoid dubious offers, even if they are supported by supposedly famous people.
These efforts are aimed at reducing fraud in the field of cryptocurrencies, which, despite technological progress, remains a serious problem for both individual citizens and the financial system of the country as a whole.
