UK Police Recovered $5M To Victims Of International Crypto Scams

The UK police recovered $5M to victims of international crypto scams according to reports from the Greater Manchester Police that we have in our latest crypto news today.

The UK police recovered huge amounts of ETH that were sent to scammers by victims from across the world. Over $5 million has been returned to victims of the crypto scam that was uncovered by Greater Manchester Police. According to a statement released by GMP, the force returned funds to 23 verified victims and another 127 claims from other countries that were investigated by GMP officers that work alongside partners in international law enforcement.

The scam was solved by the GMP six months after $22.25 million which was seized by specialist officers at the GMP Economic Crime Unit and the intelligence-led to the discovery of USB sticks containing huge amounts of Ethereum. The scam targeted victims from all over the world including the US, UK, China, Europe, and Australia. According to the reports, the victims deposited money into what they thought were online savings and trading services that used the Binance Smart chain. The GMP said:

“The scammers operating the service waited until a significant amount of money had been deposited, before shutting down their website and transferring the funds into their own accounts. Unfortunately for them, the scammers did not disappear without a trace.”

The police discovered that the group orchestrating the scam was in Manchester for a longer period of time and once they were tracked down the GMP was able to recover a USB drive with $9.5 million in stolen ETH. Another $12.7 million was found a few days later in a “cryptograph safety deposit box.”

The police discovered that those orchestrating the scam had been in Manchester for a period of time, and once they were tracked down the GMP was able to recover a USB stick containing $9.5 million in stolen Ethereum. The 23-year old male and 25-year old female were arrested for fraud and money laundering and they have since been released under investigation pending new inquiries. The type of crime is increasing across the globe and the criminals are getting even savvier by looking into new ways to exploit crypto.

The GMP also said that it thinks there could be even more victims relating to the scam and urge those that believe they have been affected to contact them. This is not the first time that crypto-related activity reached the UK as we saw last year the London Metropolitan Police seized $158 million worth of crypto after investigating money laundering offenses.

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• Source: https://www.dcforecasts.com/bitcoin-scams/uk-police-recovered-5m-to-victims-of-international-crypto-scams/