Around 700 French citizens have fallen prey to a Bitcoin scam that resulted in the loss of around €31 million (about $35 million), AMBCrypto reports.
According to the French stock market regulators, Autorité des marchés Financiers (AMF), scammers have been luring people since the begging on the year, using Bitcoin’s December highs to entice potential victims.
The scammers used Bitcoin-related investment adverts to lure their victims in, collecting personal information such as the name and phone number of investors. They would then offer them amazing investment opportunities.
Helene Fron-Poloni, a lawyer specializing in Heritage law, said “Bitcoin is very complex to understand, very technical. Investors do not necessarily understand what is happening but simply say: this time, I do not miss the opportunity to earn money.”
Managing Director at CoinHouse, a cryptocurrency asset investment firm, Brian O’Hagan stated that they have discovered more than 200 fraudulent portals used by the scammers.
Belgium is reportedly facing the same issues. Cryptocurrency-related fraud in the country is estimated to exceed €100 million.
France recently announced that it may be adding an additional framework to the preliminary crypto regulations it implemented a few months ago for ICOs.