Cyber Fraud: British Police Seize Two Million Pounds Worth of BTC from Teenager
British Police have seized Bitcoin worth £2M from an unidentified 17-year-old boy in Lincolnshire, England. The teenager, who hasn’t been identified by the authorities yet was found possessing $2.7M worth of the flagship cryptocurrency illegally and arrested by the authorities in the maritime county of the Eastern part of England in what is termed ‘a complicated cyber fraud.’
According to British Police, the unnamed boy created a fake website, similar to the Love2Shop website that sells gift cards and vouchers, and used £6,500 worth of stolen vouchers to purchase BTC. The fake website was set up in April last year.
Customers Were Duped Into Clicking The Website
Due to the stark resemblance shared between the fake website created by the teenager and Love2Shop, several people were deceived into clicking on his website, thinking that they were on the official website. Aside from the gift card scam, police also discovered 48 BTC, other digital assets, and over 12k credit card numbers on the culprit’s laptop. The authority also found the details of over 197 PayPal accounts.
Lincolnshire Police revealed that detectives from the Cyber Crime Unit have taken possession of Bitcoin worth over £2M, alongside other cryptocurrencies as part of their money laundering investigation in the crypto space. According to a statement shared on the 26th of October, the Lincolnshire crypto seizure is the largest ever recorded in the county.
The unnamed teenager pleaded guilty to all charges levelled against him in Lincoln Crown court, including money laundering and fraud. The presiding Judge on the case Catarina Knight stated that if he was above 18 years, he would be going inside. The court sentenced him to 12 months of rehabilitation.
Similar Cryptocurrency Fraud Cases In The U.K
The Lincolnshire crypto fraud case isn’t the first time the U.K. judicial system is presiding over such crimes. In early March, as many as five people were charged in a £20M BTC fraud case. The case lased for nearly two years due to its severity and cleverness by the culprits involved. The five persons capitalized on a loophole in Coinsport, an Australian company operated by Casey Block Services to commit the crime.
A month later, two men Johansen Amar and Salahydin Warsame, were given a long-term sentence after using two dark websites LetsWork and TheOnlyLw, to purchase cocaine from South America. The two men earned over £3.5M in Bitcoin from the sale of cocaine in Birmingham.
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