British investors lost £27 million ($34.38 million) to cryptocurrency scams over the last financial year, according to one of the UK’s financial regulators. The Financial Conduct Authority (FCA) reports that between April 1, 2018 and April 1, 2019 the average loss per victim was £14,600 ($18,500). Reports of cryptocurrency scams also tripled over the same period. While last year there were X cases reported, the FCA notes the number has gone up to 1,800 this year. The FCA’s announcement states that fraudsters often used social media to promote “get-rich-quick” schemes. The FCA’s description of how these scammers rip off their victims…

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