More than $5.4 million has been paid by British police to victims of a global cryptocurrency fraud. Police estimate that victims will receive almost $10 million more. To recoup their investment, another 127 people have already filed claims.
Crypto Scam Victims Get Refunded by the Police
The U.K.’s Greater Manchester Police (GMP) announced Friday that about $5.4 million of the funds seized from an international cryptocurrency scam rumbled by its police officers in July last year have been returned to rightful owners. Here are the details of the announcement:
More than four million pounds were returned to 23 confirmed victims. Another 127 claims have been reported and are under investigation by law enforcement officers from around the world.
The police noted, “another seven million pounds to be returned to rightful owners.” However, the announcement does not specify whether the victims will receive cryptocurrency or fiat currency from the police.
“A sum of $22.25 million (equivalent to just over £16 million) was seized by specialist officers from Greater Manchester Police’s Economic Crime Unit in July 2021, after intelligence led to the discovery of USB sticks containing huge amounts of Ethereum,” the police detailed, adding:
Officers in the unit received contact from 150 victims around the globe.
The police said that crypto investors from the U.K. and the U.S. deposited money including their life savings into what they claimed was an online saving and trading platform called Binance Smart Chain. However, the scammers subsequently shut down the scheme’s website and transferred the funds into their own accounts.
An adult male of 23 years and an adult female of 25 years were both arrested on suspicion fraud and money laundering. However, they have been placed under arrest and released pending further investigation.
Detective Chief Inspector Joe Harrop from GMP’s Economic and Cyber Crime Unit opined:
With projects that offer tokens to be sold at a profit and incentives for investors to save cryptocurrency, trading services as well are becoming more popular.
However, he cautioned: “Anyone involved in these cryptocurrency and trading services are urged to take extreme caution and do a lot of research as there are still huge risks … If it seems too good to be true, it probably is.”
Harrop noted: “We believe there may still be victims out there from all over the world who are owed some of this money we rumbled half a year ago.”
Let us know your thoughts on the police returning crypto to victims. Please comment below.
Image creditShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.