After the unearthing of the UK cryptocurrency scam, the UK has seized digital currencies worth $22 million. They have also retrieved USB sticks that contained huge quantities of Ethereum which is the second largest digital currency in the world after Bitcoin.
The UK Cryptocurrency Scam Initiation
According to the Greater Manchester Police (GMP) the scheme which had so much money cheated people from the US, UK, Australia, China, Europe, and Hong Kong. The victim deposited money, there were some victims who deposited their entire life savings thinking this to be a legal trading and savings service with the use of Binance Smart Chain. The GMP police arrested 2 people for money laundering and alleged fraud, but they have also been released under investigation.
The Bitcoins from the UK Cryptocurrency scam were derived by the Bitcoin recovery expert UK. This discovery has highlighted the international and anonymous nature of these digital currencies. Cybercriminals often take the benefit of anonymity for the purpose of money laundering and also for terrorism, tax fraud, and trafficking of drugs. Even though the majority of transactions through digital currency are legit, there are some which are fraudulent as well.
According to the Economic Crime Unit of GMP, a total of $9.5 million in stolen Bitcoin and Ethereum was found in the pen drive that was seized. Few days after discovering an online safe, the police found another $12.7 million along with its access code.
The GMP has started to locate the rightful owners of the stolen cryptos, some of whom are still not known and are spread across the globe and it is not easy to reunite them with their money. One of the victims told the police that he had long relations with digital currencies. While thanking the police for solving this case he said,
“The hack really surprised us at first.”
The Greater Manchester Police said that the victim will now receive 90% of his total investment back and if all of the funds stay unclaimed he will receive his complete amount.
Detective Chief Inspector Joe Harrop of the Economic Crime Unit, on this UK cryptocurrency scam said that the users are rapidly moving online and witness digital currency as the future of trading and money. But this rapid alteration is also causing a new type of crime and the criminals are looking for opportunities to exploit these gaps along with the trends in technology. He said that the police should also try to start adopting themselves with this type of crime as with time these will increase only. Along with that, the users should know how to identify fake cryptocurrency or exchange and not get scammed. They should also know how to report a scammer in the UK.
Bitcoins Scams Of 2021
Bitcoin scams are those when people or groups try to trick or maneuver unsuspecting victims into transferring them Bitcoin. This can happen with any digital currency. Since Bitcoin is the most widely used crypto so the scams associated with it are also more. Here is a Bitcoin scammer list 2021.
- Social media con artists
- DeFi rug pulls
- NFT scams
- Altcoin pump and dumps
- Viruses and malware
The British police have successfully seized $22.22 million from the developers of the UK cryptocurrency scam that was operated globally. It had deposits of people from all over the globe including the US, UK, Australia, China, Europe, and Hong Kong. The authorities are now trying to contact all the victims to return their money.