PANews reported on December 27 that according to Cryptonews, the French Financial Market Authority (AMF) reported that cryptocurrency-related fraud is the main reason for victims to lose about 500 million euros each year. French authorities are working with the Paris Public Prosecutor's Office, the Audit and Settlement Supervision Authority (ACPR) and the General Directorate for Anti-Fraud, Consumption and Suppression of Fraud (DGCCRF) to step up efforts to combat these frauds. Data shows that men under the age of 35 are particularly susceptible. They are eager for quick success and have little confidence in their investment knowledge. Scammers use social media platforms to take advantage of this group of people by promising unrealistic returns.