A Belgian watchdog reports the country lost nearly $12 million over the past year to crypto and forex-related scams.
According to a report published October 5, the financial watchdog Financial Services and Markets Authority (FSMA) estimated Belgian investors lost 10 million euros ($11.8 million) between May 2019 and September 2020.
The report attributed the losses to fraudulent platforms, including cryptocurrency, with the majority involving the use of false advertisements on social media featuring the endorsements of celebrities.
The report warned,
These platforms often use very aggressive methods to try to persuade you to invest ever larger sums. They will also try to persuade you to let them take control of your computer remotely so as to be able to make certain payments.
The FSMA claimed 27.8 percent of complaints received during the first half of 2020 were related to fraudulent trading platforms, with 26.3 percent involving fake offers of wealth management and alternative investments.
In February, the financial watchdog attempted to address the issue of fraudulent crypto platforms by blacklisting more than 140 crypto-related websites.
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