Manchester Police Returned Over $25M In Stolen Bitcoin To Fraud Victims.

Over $25 million has been refunded to victims of a global crypto fraud by Manchester police in the last 18 months. Manchester is home to two of the world’s most recognized football clubs. Not all of the persons who have come forward to want their funds back have been validated and their crypto has been refunded as of the previous update.

However, estimates imply that each victim received roughly $230,000 in compensation. Although some petitions are still being handled, the organization is making appealing for more victims to come forward.

According to a recent study by MPs, not enough is being done to stop and prosecute internet fraudsters. This is a significant victory for blockchain, since it demonstrates the value of a decentralized ledger that is both validated and open. Because blockchain transactions are public, fraudsters’ transactions may be followed by looking at the transaction history.

This is something that traditional banking cannot always achieve and is difficult to do with cash. Scams in the traditional banking system continue to outnumber those in the crypto world.

MPs advocated for a “single law enforcement agency charged with combating economic crime, as well as a single government department in charge of policy.” It’s intriguing that parliament is now pushing for the creation of an economic crime-fighting agency after crypto frauds hit $200 million in 2021, while regular fraud and scams cost over $3 billion.

This does not account for money that has been ‘stolen’ from the people through unethical banking activities in the traditional financial system.

In 2021, Manchester police expect to collect over $20 million, with more than $5 million already seized this year. Surprisingly, the money was recovered because the scammers failed to safeguard their private keys to the stolen cryptocurrency wallets.

The wallets and keys were discovered, allowing the authorities to reimburse any victim who could prove proof of having a wallet linked to the fraudsters. Scammers take advantage of their victims’ poor understanding to utilize social engineering techniques to drain their funds. It’s pretty poetic to watch the fraudsters’ crypto being confiscated as a result of bad crypto security methods.

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Patrick

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