Five men have been arrested in London as part of an investigation into alleged crypto scams that may have cost victims more than £1m, police have said.
Detectives from the Met Police’s economic crime team said the scams allegedly involved several websites claiming to offer pre-sale investment opportunities in new cryptocurrencies.
Investors were promised cash returns that could more than double in value when listed on major exchanges, according to the police.
However, the websites rarely had any intention to list them on exchange websites and could not guarantee returns in cash, the Met said.
A London-based “boiler room” operation was then suspected of making follow-up calls to victims to encourage further investment.
Victims of the scam, both in London and further afield, may have lost millions of pounds, according to the police.
