Cryptocurrencies Worth Over GBP 2 Million Seized From British Teenager

British police caught a 17-year-old boy in possession of over GBP 2 million (about Rs 21.61 crore) in bitcoin (BTC) after the juvenile was intercepted by the police’s cybercrime unit claiming to be a “sophisticated cyber”. Was. Cheating.” The teenager created a copycat website of a popular gift voucher site called Love2shop and advertised it on Google, tricking users into handing out gift voucher redemption codes worth GBP 6,500 (roughly Rs. Lincolnshire County Court claims.

Lincolnshire Police have said they have confiscated B T c 48 and others cryptocurrency After the money laundering link was detected in the case. The police have more than 12,000 credit card numbers and 197 . also found details of paypal Accounts on the offender’s personal computer.

The teenager has been charged with misrepresentation and money laundering and sentenced to a rehabilitation center for young people. The 17-year-old was arrested back in August 2020 after investigating reports of credit card fraud and theft of personal information from April 2020. “People were tricked into clicking on their website into thinking they were accessing the official site,” said a prosecutor on the case. The judge on the matter even said that the offender must have been doing time when he was an adult.

“Cryptocurrency is often considered by criminals to be an anonymous way to transfer money in an anonymous way, but I am glad that in this case, we were able to uncover that the police can no longer effectively investigate crimes of this nature. able to investigate,” he said. Detective Constable Luke Casey, a cybercrime investigator with Lincolnshire Police.

This is hardly the first time a crypto-scam has surfaced. Amidst the expansion of crypto-culture on a global scale, scammers are trying to take advantage of new methods to defraud crypto-asset holders. Back in April, a report good had revealed that the total crypto crime cost in 2020 was approximately $10.52 billion (approximately Rs 79,194 crore).

Recently, analyst firm Chainalysis revealed That at least $815 million (about Rs 6,135 crore) in crypto was sent to scam projects from Eastern European countries between July 2020 and June 2021.

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