Over GBP 2 Million In Cryptocurrencies Seized From British Teen

The British police caught a 17- year old in possession of more than GBP 2 million ( roughlyRs.21.61 crores) worth in Bitcoin (BTC) after the teen was interdicted for what the cybercrime unit of the police claim to be “a sophisticated cyber fraud.” The teenager created a copyist website of a popular gift voucher site named Love2Shop and publicized it on Google, duping users into handing over gift voucher redemption codes worth GBP 6,500 (roughlyRs.6.69 lakh) which was used to buy cryptocurrencies like Bitcoin, the Lincolnshire County Court claims.

Lincolnshire Police have said they seized BTC 48 and other cryptocurrencies after discovering money laundering links in the case. The police also found over 12,000 credit card numbers and details of 197 PayPal accounts on the perpetrator’s particular computer.

The teenager has been charged with misrepresentation and money laundering and sentenced to a rehabilitation centre for youthful people. The 17- year-old was arrested back in August 2020 following an investigation into reports of credit card fraud and personal information theft that were piling on since April 2020.”People were duped into clicking on his website thinking they were accessing the official site,” said a prosecutor on the case. The judge on the case indeed stated that the perpetrator would be doing time had he been an grown-up.

“Cryptocurrency is frequently thought, by culprits, to be an anonymous way to move finances around undetected but I am glad that in this case, we were able to highlight that the police are now suitable to effectively investigate offences of this nature,” said Detective Constable Luke Casey, a cybercrime investigator with Lincolnshire Police.

This is hardly the first time a crypto- scam has come to the fore. Amid the expansion of crypto- culture on a global scale, scammers have been trying to work new ways to dupe crypto- asset holders. Back in April, a report had revealed that the total crypto crime in 2020 amounted to around $10.52 billion ( roughlyRs. 79,194 crores) in value.

More recently, analyst firm Chainalysis revealed that at least $ 815 million (roughly Rs. 6,135 crores) was transferred in crypto to scam projects from Eastern European countries between July 2020 and June 2021.

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