The Bureau of Investigative Journalism (TBIJ) has identified 168 companies accused of running running crypto or fraudulent foreign exchange trading scams in the U.K.

Victims of the scams are often approached — via social media, dating websites, and Whatsapp — and convinced to invest in crypto trading platforms — 17 of which have been confirmed as “pig-butchering” scams, according to the TBIJ report.

The scams have totaled roughly $3.4 million (£2.8 million) in losses from victims scattered across the U.K., the U.S., Canada, Turkey, Germany, and Poland.

According to the report, most of the 168 companies identified were registered to London addresses and had at least one Chinese director. Loopholes in the U.K.’s company registration system contribute to the scam — due to the U.K. being viewed as a trustworthy location.

(By Josh O'Sullivan)