UK police recover £28 million stolen from Australian crypto exchange

Odaily Planet Daily News British police seized £28 million ($34 million) in assets from an international Bitcoin fraud gang that exploited a vulnerability in an Australian cryptocurrency trading website. The investigation revolved around James Parker of Blackpool, who discovered the vulnerability in 2017. Within three months, Parker and his accomplices used the security loophole to steal more than £20 million in credit lines, and the proceeds of the scheme were laundered with the help of Stephen Boys (nicknamed Rodney). The investigation showed that Parker's consumption was extravagant, including distributing £5,000 gift cards on the street and buying cars for random acquaintances in the bar. Boys admitted to carrying £1 million in cash to buy a villa from a Russian and paying £60,000 to corrupt officials to continue the money laundering operation. Police seized 445 bitcoins worth £22 million at the time, as well as luxury watches, houses, cars and designer goods. Parker died in 2021 before being prosecuted and his co-conspirators were sentenced in January 2023, with Boys, 61, jailed for six years for money laundering. Victims have been awarded full compensation of £24.5 million. The seized assets were £3 million higher than the initial fraud amount due to the increase in the price of Bitcoin. This surplus will be divided between the Home Office, the courts and Lancashire Constabulary. DS Dave Wainwright of the Economic Crime Unit noted that the defendants have three months to comply with the court order or risk an additional 14 years in prison. The investigation involved international cooperation with law enforcement in Australia and Finland. (crypto.news)