British Police Seize $2.7 Million Worth of Bitcoin from Teenager

An unnamed 17-year-old boy has had £2 million worth of Bitcoin seized by police following a “sophisticated cyber fraud.” Read the full article by: Scott Chipolina

Key Points:

• A 17 year old in England was caught for cyber fraud as the police seized $2.7 million worth of Bitcoin from him. The police also found 12,000 credit card numbers and details of 197 PayPal accounts.

• He set up a website back in April of last year that was almost an exact replica of Love2Shop. Love2Shop is a popular website that sells gift cards and vouchers. He was sentenced to 12 months of rehabilitation for the incident.

• “People were duped into clicking on his website thinking they were accessing the official site,” said Sam Skinner, prosecutor on the case. Crypto fraud is not an uncommon event; however, in March 2021 in the UK 5 individuals were also charged for fraud but this was for over $20 million.