UK police snatch $ 2.8million bitcoin from teenage scam website – nigerian News 24/7 ElotiTV.com
British police seized nearly $ 3 million worth of bitcoin from a teenager who set up a fake website to scam consumers. “Back then they were worth £ 200,000. They are now worth just over £ 2million. “
British Police Seize $ 2.8 Million In Bitcoin
British police arrested a 17-year-old boy from South Lincolnshire and seized bitcoin worth almost $ 3 million, BBC News reported on Tuesday. Authorities cannot name the boy for legal reasons.
Prosecutor Sam Skinner said the teenager created a fake website almost identical to the official Love2shop site, which sells gift certificates.
He then paid to advertise on Google, which caused his bogus site to appear above the real site in search results. The scam site tricked Love2shop users into entering their personal information. The prosecutor said:
People were tricked into clicking on its website thinking they were going to the official site.
The teenager shut down the site after a week when Love2shop began investigating him following a customer complaint.
He stole £ 6,500 ($ 8,954) in vouchers and used the proceeds to buy bitcoin and other cryptocurrency, Lincoln Crown Court said.
When he was arrested in August last year, police found 48 bitcoins and a smaller number of other cryptocurrencies. At the time of writing, this amount of BTC is worth nearly $ 3 million according to data from Bitcoin.com Markets.
At the time, they were worth £ 200,000. They are now worth just over £ 2million.
Upon further investigation, police further found over 12,000 credit card numbers stored on the teenager’s computer and details of 197 Paypal accounts.
The teenager admitted to being charged with money laundering between April 9 and 16, 2020 and fraud totaling £ 6,539 through misrepresentation.
Judge Catarina Sjolin Knight has ruled that he benefited from his crimes of £ 2,141,720 and ordered that this amount be forfeited from his property. The teenager also received a 12-month rehabilitation order. “If he was an adult he would go inside,” the judge said.
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