French victims are reportedly losing approximately €500 million annually to crypto scams, as authorities continue to tackle this growing issue. The Autorité des Marchés Financiers (AMF) highlighted that the average loss per victim has reached €29,000, with many scams targeting crypto investors. Criminals often use fake celebrity endorsements and counterfeit investment platforms, sometimes employing AI to replicate celebrity images in misleading media.
Despite a reduction in complaints, which may be attributed to compensation schemes and legal action, French authorities remain proactive in combating these frauds. Since 2022, they have blacklisted around 5,000 unauthorized operators and blocked nearly 350 fraudulent websites. A recent AMF survey revealed that more French citizens now own cryptocurrencies than own stocks or exchange-traded funds, with 9% holding digital assets.
The AMF continues to advise the public to exercise caution, particularly regarding offers that seem suspiciously advantageous, and encourages potential investors to check official registers before proceeding.
