Fun

UK Police Seize Bitcoin Worth $2.8 Million From Teen Operating Scam Website

News Feed - 2021-10-29 11:10:34

UK Police Seize Bitcoin Worth $2.8 Million From Teen Operating Scam Website


British police have seized bitcoin worth almost $3 million from a teenager who set up a fake website to scam consumers. “At the time they were worth £200,000. They are now worth a little over £2 million.” UK Police Seize $2.8 Million in Bitcoin


British police have arrested a 17-year-old boy from South Lincolnshire and seized bitcoin worth almost $3 million from him, BBC News reported Tuesday. The authorities cannot name the boy for legal reasons.


Prosecutor Sam Skinner said the teen set up a fake website that was almost identical to the official site of Love2shop, which sells gift vouchers.


He then paid to advertise on Google, resulting in his bogus site appearing above the genuine site in search results. The scam site duped Love2shop users into entering their personal details. The prosecutor said: People were duped into clicking on his website thinking they were accessing the official site.


The teen took the site down after a week when Love2shop began investigating him following a complaint from a customer.


He stole £6,500 ($8,954) worth of vouchers and used the proceeds to buy bitcoins and other cryptocurrencies, Lincoln Crown Court was told.


When he was arrested in August last year, police found 48 bitcoins and smaller numbers of other cryptocurrencies. At the time of writing, this amount of BTC is worth almost $3 million based on data from Bitcoin.com Markets.


Skinner said: At the time they were worth £200,000. They are now worth a little over £2 million.


Upon further investigation, police additionally found over 12,000 credit card numbers stored on the teen’s computer and details of 197 Paypal accounts.


The teenager admitted to charges of money laundering between April 9 and 16, 2020, and fraud totaling £6,539 by false representation.


Judge Catarina Sjolin Knight ruled that he benefited from his crimes by £2,141,720 and ordered that amount to be confiscated from his assets. The teenager was also handed a 12-month rehabilitation order. “If he was an adult he would be going inside,” the judge said.


What do you think about this case? Let us know in the comments section below. Travala"s 2021 Q3 Report Shows Crypto Adoption ‘Offset the Negative Impact of the Pandemic’ NEWS | 4 hours ago Matt Damon Stars in Global Crypto Ad "Fortune Favours the Brave" to Air in 20 Countries NEWS | 10 hours ago Tags in this story bitcoin seized, british police, British teen, seized cryptocurrency, teenager, uk police


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

US senate hopefuls look for crypto bump at Bitcoin 2024
Tristan Greene8 hours agoUS senate hopefuls look for crypto bump at Bitcoin 2024The panel was a referendum on Elizabeth Warren and what happens if we don’t elect the right senators1793 Total views2 Total sharesListen t
Bitcoin Halving Capitulation: ‘Mining Death Spirals Don’t Happen in Real Life,’ Says Report
Bitcoin Halving Capitulation: "Mining Death Spirals Don"t Happen in Real Life," Says Report As the bitcoin halving approaches, crypto-mining ‘death spirals’ and miner
Digital Yuan Wallet Ranks Among Most Downloaded Apps in China
Digital Yuan Wallet Ranks Among Most Downloaded Apps in China The new wallet of China’s state-issued digital currency has quickly become one of the most downloaded applicati
Purging Today’s Freedom Activists: Why Big Tech’s Censorship Isn’t Directed Solely at Trump Supporters
Purging Today’s Freedom Activists: Why Big Tech’s Censorship Isn"t Directed Solely at Trump Supporters There’s been a lot of unrest in the U.S. and jus
Solana takes the lead in weekly stablecoin transfer volume
Nancy Lubale2 hours agoSolana takes the lead in weekly stablecoin transfer volumeSolana flipped Ethereum in weekly stablecoin transfer volume as investors chase after yield, airdrops and high returns from the memecoin fr
Crypto Analyst Says Ethereum Will Outperform Bitcoin And Solana, Is $12,000 Possible?
Este artículo también está disponible en español. A top crypto analyst has issued a bold prediction for Ethereum, forecasting it will outperform both Bitcoin and Solana i
California’s GroundBreaking SB-206 Bill Pits Tim Tebow Against LeBron James
Star athletes are having differing views over California"s SB-206 ruling. | Source: Shutterstock, Getty; Edited by CCNThe California legislature has passed an earth-shattering bill
How to securely store crypto in software wallets
Dilip Kumar Patairya14 hours agoHow to securely store crypto in software walletsSecuring your cryptocurrency storage starts with selecting the appropriate software wallet. Using multisig wallets, 2FA and password manager
Digital Currency Group objects to subsidiary Genesis’ settlement with NYAG
Derek Andersen4 hours agoDigital Currency Group objects to subsidiary Genesis’ settlement with NYAGDCG claims the settlement was made with the assumption that NYAG would win in court, and it does not observe the parent
Filecoin Miners Start a Strike – FIL Validators Claim the Project’s Economic Model Is Not Working
Filecoin Miners Start a Strike - FIL Validators Claim the Project"s Economic Model Is Not Working The Filecoin project has surely seen a lot of hype but during t
How Web3 is transforming global regulatory frameworks
Savannah Fortis11 hours agoHow Web3 is transforming global regulatory frameworksAt the 2024 Proof of Talk event in Paris, France Jenny Johnson CEO of Franklin Templeton and Mo Shaikh the founder of Aptos explained the pr
Gareth Jenkinson14 hours agoBitcoin no longer asset of choice for criminals — former Elliptic crypto advisorCriminals have moved away from using Bitcoin for money laundering, with stablecoins emerging as an alternative