The rise of cryptocurrency in France has unfortunately also fueled a surge in financial scams, leaving regulators and authorities scrambling to protect the public.
In particular, crypto-related fraud has escalated, with regulators like the AMF and ACPR sounding the alarm over the growing prevalence of fake investment schemes.
Fraudulent schemes targeting crypto investors have reached alarming levels. The ACPR recently reported that fake savings accounts have caused average losses of €69,000, while fraudulent loan schemes resulted in €19,000 losses. However, crypto scams have been the most costly, with victims losing an average of €29,000. A survey by BVA Xsight revealed that nearly 3.2% of French adults fell for such scams in 2024, a significant increase from just 1.2% in 2021. Young men, particularly those under 35, are the primary targets, often lured in by social media ads promising quick profits.
Scammers are also becoming more sophisticated, using AI tools like deepfakes to promote fraudulent crypto opportunities. There has been an alarming rise in “square fraud,” where scammers pose as officials offering to recover lost funds from previous scams in exchange for upfront payments.
In response to this surge in fraud, French authorities have ramped up efforts to educate the public about the risks of crypto scams. The AMF and ACPR are actively blacklisting unauthorized crypto platforms, and law enforcement is working to prosecute fraudsters. Public awareness campaigns are emphasizing the importance of verifying platforms and safeguarding personal information before investing in crypto. Authorities are also advising consumers to trust their instincts: if an offer seems too good to be true, it likely is.
The U.S. Department of Justice has sentenced Dwayne Golden, 57, of Pennsylvania to 97 months in prison for orchestrating a fraudulent crypto investment scheme that stole over $40 million from investors.
The first half of 2025 has become the most damaging six-month period in crypto history, with over $2.1 billion stolen across 75+ separate incidents, according to new data.
A new breed of cyber-attack is sweeping through crypto media, exploiting site pop-ups and wallet-connect prompts instead of smart-contract bugs.
CoinMarketCap, one of the most widely used crypto data tracking platforms, is reportedly facing a front-end security breach, with multiple users encountering a suspicious prompt to verify their wallets.