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$25M returned to victims of crypto Scams by Manchester police

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Manchester Police showed its better stance on crypto & blockchain because of huge transparency in the blockchain transactions. 

Crypto and Blockchain adoption is surging day by day. However crypto related scams, questions and incidents on the cryptocurrencies are very usual things but in reality, crypto assets are not supportive assets in favour of bad actors because of the huge transparency nature of crypto transactions, however, there are some privacy-focused crypto assets in this industry but such anonymous transactions provider crypto blockchain networks are not under the consideration of normal and innocent crypto traders in neutral situation. These things are giving a better push to adopt the cryptocurrencies, not only in investment options but also payment options.

Manchester Police (MPs) recently published its report on the cryptocurrencies, thefts, and return of the funds to the victims of crypto-associated scams. 

According to the published report by MPs, they returned around $25 million worth of crypto assets to the victims, who lost funds because of scams. The figure provided in the report is showing that per victim can collect a total of $230,000. 

Here we should not consider that victims of crypto-associated scams are in limited numbers because many victims remain silent over their lack of availability of the options to fight against crypto-related scams, which is usual in almost every country. But surely the efforts by Manchester Police to give more freedom for the people to tell about their loss related to scams may result in some better figures and also victims will be able to recover their loss to some significant extent.

Interestingly the report noted that MPs are indirectly appreciating the crypto and blockchain technology because of its huge transparency in the transactions, which can be seen by any person publicly without any restriction. 

MPs didn’t take any negative or strict decisions against the crypto Companies or related services because they know very well that they can catch bad actors and scammers more easily because of public blockchain-based fund scams or related activities.

Now MPs and government agencies are calling to bring special force regarding crypto-related scams. With this they will aim to catch the bad actors more perfectly. 

Loss of funds in crypto-associated scams turned from $200 million to $3 billion, over the year. 

MPs stated: 

“single law enforcement agency with responsibility to fight economic crime, along with one government department to take charge of the policy.”

Read also: Brazilian City Rio will legally accept Bitcoin for Tax payment by next year

$25M returned to victims of crypto Scams by Manchester police


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