After Tracing Bitcoin Records, UK Police Arrested 100 Fraud Suspects

According to The Block, over 100 people were arrested after tracing Bitcoin records. London police described it as “the largest fraud operation in British history,” involving approximately 3.2 million pounds (about 3.9 million U.S. dollars).

After taking down a fraud website called iSpoof and tracing the bitcoin records, which was used on 200,000 potential victims in Britain alone, more than 100 people were arrested in what London’s Metropolitan Police calls “the UK’s biggest ever fraud operation.”

Scammers were able to pose as officials from banks such as Barclays, Santander, HSBC, Lloyds, Halifax, First Direct, Natwest, Nationwide, and TSB using iSpoof. According to the police report, the criminals paid for the service in bitcoin.

The site was taken down this week by Scotland Yard’s Cyber Crime Unit, in collaboration with authorities in the United States and Ukraine. The Met police claim that the operation earned the criminals nearly £3.2 million ($3.9 million) over a 20-month period.

In June 2021, the Cyber Crime Unit began investigating iSpoof and was able to trace bitcoin records. With nearly 60,000 users on iSpoof, the investigation team narrowed down suspects to UK users who spent at least £100 on the site.

“One of the greatest challenges for law enforcement in the twenty-first century is the exploitation of technology by organized criminals,” said Commissioner Mark Rowley in a police statement.

The arrests in the United Kingdom may be followed up on in other countries, as authorities in the Netherlands, Australia, France, and Ireland have been given a list of suspects.

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