Lincolnshire County police confiscated 48 BTC and other crypto assets totaling over £ 2 million ($ 2.7 million) from the teenager, accusing him of fraud and money laundering through cryptocurrencies.
The Lincolnshire Police website states that the 17-year-old was arrested on August 14, 2020 on suspicion of credit card fraud and theft of people’s personal information. The teenager created a fake website disguised as Love2Shop, which sells digital gift cards and certificates. People entered the fraudulent platform, believing that they got to the official website of the store, and left personal information on it. A juvenile delinquent managed to steal £ 6,500 gift cards and used them to buy bitcoin.
During the investigation, detectives from the cybercrime division confiscated 48 BTC and other digital assets totaling more than £ 2 million from him, which was one of the largest confiscations of money in Lincolnshire. In addition, the police found more than 12,000 credit card numbers and 197 PayPal accounts on the teenager’s computer. On October 26, 2021, the Royal Court of Lincoln ruled to rehabilitate the young offender through community service as he is considered a minor.
“Cryptocurrencies are often used by criminals to move money anonymously. But thanks to the advancement of digital investigations, the police can now effectively find scammers operating over the Internet. We are delighted to be able to adapt to the ever-changing and complex nature of cyberspace, ”said Detective Luke Casey.
According to recent data from Action Fraud, a British research center, the number of crimes related to cryptocurrencies has grown by 30% compared to 2020. The total amount of damage exceeded £ 146 million.
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