Police in the UK seized $2.8 million in bitcoin from a teen operating a scam website.

UK police seized nearly $3 million in bitcoin from a teenager who set up a bogus website to defraud customers. “They were worth £200,000 at the time.” They are now worth slightly more than £2 million.”

According to BBC News, British police arrested a 17-year-old boy from South Lincolnshire and seized bitcoin worth nearly $3 million from him. For legal reasons, the authorities are unable to identify the boy.

According to Prosecutor Sam Skinner, the teen created a fake website that was nearly identical to the official website of Love2shop, which sells gift vouchers.

He then paid Google to advertise his bogus site, which resulted in his bogus site appearing above the genuine site in search results. The scam website tricked Love2shop users into entering their personal information. According to the prosecutor:

People were duped into clicking on his website thinking they were accessing the official site.

After a week, the teen removed the site after Love2shop began investigating him in response to a customer complaint.

According to Lincoln Crown Court, he stole £6,500 ($8,954) in vouchers and used the proceeds to buy bitcoins and other cryptocurrencies.

During the course of the investigation, police discovered over 12,000 credit card numbers stored on the teen’s computer, as well as the login information for 197 PayPal accounts.

The adolescent admitted to charges of money laundering and fraud totaling £6,539 by false representation between April 9 and 16, 2020.

Judge Catarina Sjolin Knight ruled that he benefited from his crimes to the tune of £2,141,720 and ordered that sum to be deducted from his assets. A 12-month rehabilitation order was also issued to the adolescent. “If he were an adult, he’d go inside,” the judge said.

Patrick

Coincu News