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British police pay $5.4 million to victims of crypto fraud

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A few days ago, we learned of the arrest of a couple in New York for money laundering following a fraud described as “the biggest crypto heist of the century.” But another major fraud has made headlines in recent months with a happy ending as the victims are on the way to being reimbursed.

 

An International Crypto Fraud Unmasked

Last July, a large-scale crypto fraud was stopped thanks to intelligence services. Manchester police were able to get their hands on several USB keys that contained large amounts of Ethereum. In total, the funds seized amounted to $22.25 million.

Last Friday, the same police announced that they had begun to redistribute this money to the victims . In all, more than 5.4 million dollars were given back to 23 victims. A hundred other files related to this fraud are still under study. Police also said around £7million will still be for distribution once the victims have been identified. The information provided by the police does not say whether the amounts were given back in crypto or fiat currency.

“Over four million pounds have been returned to 23 verified victims and a further 127 reported claims are currently being investigated by officers and their law enforcement partners across the globe. (…) In all, 150 victims worldwide contacted the police. » Manchester Police

More And More Crypto Frauds

 

The crypto fraud in question has affected investors all over the world: UK, US, Europe, China, Australia, Hong Kong, etc. Basically , these investors deposited money into what they thought were savings accounts and trading services using the Binance Smart Chain. In reality, the pirates immediately closed the structures set up and took away the funds. A couple was arrested following the investigation and then released on parole.

This mishap once again illustrates the need to be cautious when it comes to investing in crypto. As a report from Chainalysis recently presented, crypto scams are on the rise. Hardly surprising when you consider that the crypto field is still young and will take time to put in place robust barriers. To avoid taking risks, it is important to go through the services of exchanges that are well established and have a good history in terms of security.

“Anyone involved in cryptocurrency trading 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. » Joe Harrop, Detective Inspector Manchester Cyber ​​Crime Unit

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