On December 27th, according to Cryptonews, the French Financial Markets Authority (AMF) reported that cryptocurrency-related scams are the main reason for victims losing about 500 million euros annually. French authorities are working with the Paris Prosecutor’s Office, the Audit and Regulatory Authority (ACPR), and the Directorate General for Fraud Control, Consumer Protection and Fraud Repression (DGCCRF) to increase efforts to crack down on these fraudulent activities. Data shows that men under the age of 35 are particularly vulnerable. They are impatient and lack confidence in their investment knowledge. Scammers use social media platforms to promise unrealistic returns, thus taking advantage of this group of people.