UK Police Return $5.4M To Victims Of Cryptocurrency Fraud – Regulation Bitcoin News

UK Police Return Cryptocurrency Worth $5.4 Million to Crypto Fraud Victims

British police have returned more than $5.4 million to victims of an international cryptocurrency scam. Police say nearly $10 million more will be returned to the victims. So far, 127 additional people have filed a claim to recover their investments.

Police return funds to victims of crypto scam

Britain’s Greater Manchester Police (GMP) announced on Friday that around $5.4 million of funds seized in an international cryptocurrency scam launched by its officers in July last year had been returned to their rightful owners. Advertisement details:

Over four million pounds have been returned to 23 verified victims and a further 127 reported claims are currently being investigated by officers alongside international law enforcement partners around the world.

Police noted, “a further £7m to be returned to rightful owners”. However, the announcement does not specify whether the victims will receive cryptocurrency or fiat currency from the police.

“A sum of $22.25million (equivalent to just over £16million) was seized by specialist officers from Greater Manchester Police’s Economic Crime Unit in July 2021, after the intelligence led to the discovery of USB drives containing huge amounts of Ethereum,” police said. , add:

A total of 150 victims from around the world contacted the officers of the unit.

Crypto investors based in the UK, US, Europe, China, Australia and Hong Kong deposited money, including savings, into what they thought was a cryptocurrency service. online savings and trading using Binance Smart Chain, police said. However, the scammers later shut down the scheme’s website and transferred the funds to their own accounts.

A 23-year-old man and a 25-year-old woman have been arrested for fraud and money laundering offenses but have been released under investigation pending further investigation.

Detective Chief Inspector Joe Harrop of GMP’s Economic and Cyber ​​Crime Unit said:

Cryptocurrency savings and exchange services are becoming increasingly popular, with projects enticing people to invest large sums, offering tokens that can then be sold for a profit.

However, he cautioned: “Anyone involved in these cryptocurrency and trading services is urged to exercise extreme caution and do plenty of research as there are still huge risks… If it sounds too good to be true, it probably is.”

Harrop noted, “We believe there may still be victims around the world who are owed some of that money we scolded six months ago.”

What do you think about the police returning the cryptocurrency to the victims? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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