However, the financial expert believes that the unregulated nature of the cryptocurrency means that it is an uphill battle for the authorities to take down these criminals.
Cannon explained: “In practical terms, they just don't have the resources to cope with what I can see.
"They do some high-profile research because the scammers know that their chances of being investigated effectively are very low if they continue to operate."
Craig Mullish, a temporary detective chief inspector for the City of London Police, called on crypto enthusiasts to be more aware of the risks posed by fake ads and offers of fake cryptocurrencies.
