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Thursday

29 October 2020

Belgian investors lost $12M to crypto and forex scams over the summer

Belgian investors lost $12M to crypto and forex scams over the summer


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Belgium’s financial watchdog has reported scammers stole up to $12 million from investor in the country using fraudulent ads.

5 warning from the Financial Services and Markets Authority (FSMA), the watchdog estimated that investors in Belgium had lost at least 10 million euros — roughly $11.8 million at the time of writing — between May 2019 and September 2020 to fraudulent platforms, including those dealing with cryptocurrencies.

However, the FPS estimated that investors in Belgium typically lose about $152 million to such scams each year, with most incidents going unreported.

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cointelegraph.com
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