The U.K. police have returned over $5.4 million to victims of an international cryptocurrency scam. The police say that almost $10 million more will be returned to victims. So far, 127 more people have filed a claim to recoup their investments.
Police return funds to victims of crypto scam
Britain’s Greater Manchester Police (GMP) announced on Friday that around $5.4 million of funds seized in an international cryptocurrency scam launched by its officers in July last year had been returned to their rightful owners. Advertisement details:
Over four million pounds have been returned to 23 verified victims and another 127 reported claims are currently being investigated by officers alongside partners in international law enforcement across the globe.
Police noted, “a further £7m 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:
A total of 150 victims from around the world contacted the officers of the unit.
Crypto investors based in the U.K., U.S., Europe, China, Australia, and Hong Kong deposited money, including life savings, into what they thought was an online savings and trading service using Binance Smart Chain, the police explained. However, the scammers subsequently shut down the scheme’s website and transferred the funds into their own accounts.
A 23-year-old man and a 25-year-old woman have been arrested for fraud and money laundering offenses but have been released under investigation pending further investigation.
Detective Chief Inspector Joe Harrop from GMP’s Economic and Cyber Crime Unit opined:
Cryptocurrency savings and exchange services are becoming increasingly popular, with projects enticing people to invest large sums, offering tokens that can then be sold for a profit.
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 around the world who are owed some of that money we scolded six months ago.”
