UK police recover $5.4 million lost in crypto scam

2022-2-23 13:00

The U.K.’s Greater Manchester Police said it has successfully returned $5.4 million to people who fell victim to an international cryptocurrency scam totaling more than $20 million.

The funds were recovered from a USB that police found in July 2021. The USB contained roughly $9.5 million worth of Ethereum at the time.

The Police said the $5.4 million was returned to 23 verified victims and that another 127 reported claims are currently being investigated by local as well as international law enforcement.

Another $10 million is slated to be returned to victims as more claims are verified.

The scam

The USB that led to the recovery of scammed funds was discovered by police when they arrested two people for fraud and money laundering. Police tracked the pair down after receiving intelligence that the scam runners were in Manchester.

The scam targeted people across the globe and had them deposit vast amounts of money, in some cases life savings, into what they believed was an online savings and trading service on the Binance Smart Chain.

Following the pair’s arrest, police seized another $12.7 million from a “cryptograph safety deposit box.”

Rise in scams

A recent report by the UK Treasury Committee highlighted that there has been an “alarming” growth in fraud and scams in the country.

“For too long, pernicious scammers have acted with impunity, ripping off innocent consumers with fraudulent online adverts, impersonation scams, and dodgy crypto investments.”

The report urged the UK government to put more effort into curbing these fraudulent activities.

While the Government has made some progress in this area, we’re today calling on them to push harder and act faster on the growing fraud epidemic.

The Committee added that these rogue elements were targeting people via adverts on social media which don’t require prior verification.

Following the report, tech giants Meta, Google, Twitter, TikTok, Amazon, and Microsoft said they will only allow financial services adverts on their platforms that are authorized by the Financial Conduct Authority.

The post UK police recover $5.4 million lost in crypto scam appeared first on CryptoSlate.

origin »

Internet of People (IOP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0594539 (-100%)

million scam police fell victim people returned

Источник: cryptoslate.com

million scam → Результатов: 126


Фото:

South Korean police use AI to bust $19M Bitcoin-fuelled pyramid scam

South Korean police have caught the masterminds of a Bitcoin-fuelled Ponzi scheme responsible for generating almost $19 million in revenue. The scam, called “M-Coin,” is said to have targeted those with poor understanding of the technology – mostly elderly people, retirees, and housewives – with promises of free cryptocurrency and recruitment bonuses for signing up others, reports Korea Joon Gang Daily.

2019-4-8 12:29


Фото:

US regulator blacklists Colorado trader for orchestrating $1.5M Bitcoin scam

A man in the US has been barred from trading following his alleged involvement in a Bitcoin scam that resulted in losses of approximately $1. 5 million in investors’ funds. The Financial Industry Regulatory Authority (FIRA) – a non-governmental organization that regulates member brokerage firms and exchange markets – looked into claims that Daniel Todd Levine, of Englewood (Colorado), offered investors a chance to buy discounted Bitcoin in return for significant returns on their investment.

2019-3-25 18:55


Exit Scam? Mismanagement? Coinbase Digs Into Failed Crypto Exchange QuadrigaCX’s ‘$150 Million Loss’

Brian Armstrong, the CEO of Coinbase, one of the world’s largest crypto exchanges, said that the company conducted internal research on the QuadrigaCX case. QuadrigaCX has been claiming that Gerald Cotten, its CEO, passed away with sole control over its cold wallets containing $150 million in various cryptocurrencies including Bitcoin and Ethereum.

2019-2-23 15:21


Фото:

Indian Crypto Scammers Make $17 Million from Fake Coin Scam

The individuals behind “cashcoin,” a fake cryptocurrency, have been arrested for duping investors of over $17 million in Mumbai, India according to reports February 17, 2019. Crypto and the Gang As the general public and world government are becoming more aware of cryptocurrency and how it works, the prosecution of crypto criminals is becoming more effective.

2019-2-19 15:00


Фото:

Startup Receives $1.7 Million to Help Keep Cryptocurrency Controlled

Token Relationship Management (TRM) has received $1. 7 million from investors like Blockchain Capital to provide cryptocurrency startups with solutions to stay compliant with local regulations.   Staying compliant in an ultra-confusing and ever-changing regulatory landscape is not easy for your average cryptocurrency startup looking to actually stay complaint as opposed to simply exit scam with users’ funds.

2019-2-3 17:00


Фото:

Top Officials at Two Korean Cryptocurrency Exchanges Face Fraud Indictments

Several of South Korea’s top crypto exchanges have found themselves in hot water, with executives at a couple of exchanges facing criminal charges and jail time. According to a news report on the Korean website Blockinpress, the CEO of Komid, a Korean crypto exchange, has received a three-year prison sentence for committing fraud against investors by artificially inflating the exchange’s actual trading volume.

2019-1-23 00:57


Taiwanese Crypto Con Artists Arrested for $51 Million Bitcoin Investment Scam, Violated Country’s MLM Policies

A Group of Bitcoin con artists in Taipei, Taiwan, have recently been charged by the police for creating a crypto scam that took millions of dollars from investors. Both foreign and local investors were fooled according to The Next’s Web’s Hard Fork, which has also reported on this story. The scam began on October 2016 […]

2019-1-18 23:03


Фото:

Bitcoin con artists charged with $51M investment scam

In Taipei, a group of Bitcoin con artists have been charged with running an elaborate cryptocurrency scam that defrauded local and foreign investors out of millions of dollars. Authorities formally charged a 47-year-old man surnamed Lin, along with six accomplices, with violating Taiwan‘s Banking and Multi-Level Marketing Supervision acts with a fake Bitcoin investment scam, reports FocusTaiwan.

2019-1-18 16:03


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Pig butchering scams top 2024 crypto fraud with $3.6 billion in losses

Pig butchering scams led to $3. 6 billion in crypto losses in 2024, emerging as the most significant fraud scheme of the year, according to a report by web3 security firm Cyvers. The long-term fraud method, where victims are groomed over time to make substantial investments, outpaced other forms of crypto scams in 2024.

Rising crypto scams in France trigger crackdown by authorities

The rise of crypto has become a breeding ground for financial scams in France, contributing to a surge in fraudulent activity that has authorities scrambling to protect consumers. The Paris Public Prosecutor’s Office, along with regulatory bodies like the AMF and ACPR, are particularly concerned about the growing number of schemes involving bogus crypto investments.

Over $2.3 Billion Stolen in Crypto Hacks and Frauds in 2024

Crypto frauds and hacks in 2024 caused $2.3 billion in losses, with Ethereum and multisig wallets most affected, exposing critical vulnerabilities. The post Over $2.3 Billion Stolen in Crypto Hacks and Frauds in 2024 appeared first on BeInCrypto.

Crypto firms among top targets of audio and video deepfake attacks

Crypto companies are among the most affected by audio and video deepfake frauds in 2024, with more than half reporting incidents in a recent survey. According to the survey conducted by forensic services firm Regula, 57% of crypto companies reported being victims of audio fraud, while 53% of the respondents fell for fake video scams.