UK Police Seize £28 Million From International Bitcoin Scam

According to Odaily, UK police have confiscated £28 million ($34 million) in assets from an international Bitcoin scam group that exploited a vulnerability in an Australian cryptocurrency exchange. The investigation centered on James Parker from Blackpool, who discovered the flaw in 2017. Over three months, Parker and his associates exploited this security gap to steal over £20 million in credit. The scheme's proceeds were laundered with the assistance of Stephen Boys, also known as Rodney. The investigation revealed Parker's extravagant spending habits, including distributing £5,000 gift cards on the street and purchasing cars for random acquaintances in bars. Boys admitted to carrying £1 million in cash to buy villas from Russians and paying £60,000 to corrupt officials to continue the money laundering operation. At the time, police seized 445 Bitcoins valued at £22 million, along with luxury watches, houses, cars, and branded goods. Parker passed away in 2021 before being prosecuted, while his accomplices were sentenced in January 2023, with the 61-year-old Boys receiving a six-year prison term for money laundering. Victims have been fully compensated with £24.5 million. Due to the rise in Bitcoin prices, the seized assets exceeded the initial fraud amount by £3 million. This surplus will be distributed among the Home Office, the courts, and Lancashire Police. DS Dave Wainwright from the Economic Crime Unit noted that the defendants have three months to comply with court orders or face an additional 14 years of imprisonment. The investigation involved international cooperation with law enforcement agencies in Australia and Finland.