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Ethereum worth $9.5 million found on USB stick; seized by UK Police

Recently, Ethereum, worth $9.5 million, was found on a USB stick and was later seized by the UK police. Such crypto-related scams are becoming more and more common as the value of crypto increases and adoption rises. This entire scam was worth $22.5 million and was a part of an international cryptocurrency scam. The UK Police announced:

“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 after intelligence led to the discovery of USB sticks containing huge amounts of Ethereum”

The recent scam

This was a big scam and involved the common masses. Those who the criminals targeted were fooled to believe that they are keeping their money on Binance smart chain in an online saving and trading service. But little did they know that all of their money was going to these criminals. The criminals targeted people from the UK, US, Europe, China, Australia and Hong King through this scam.

Ethereum worth $9.5 million found on USB stick; seized by UK Police

The UK police also said that the scammers were running an illegal website which they used to raise money and then shut it down. The scammers thought that they would be able to escape, but the UK police received intelligence on time and could catch them. Now the officials are trying to contact the victims of the scam and return the stolen funds.

Scams becoming more and more common.

The officials in the UK and US are often confiscating a lot of money in crypto recently. Last month the UK police seized 114 million Euros in crypto and had been conducting the investigation since then. Until proper regulations are imposed by the government and the markets are not looked after, such crimes will continue.

Now, don’t take the word regulation as something restricting. The governments will not be controlling the market; they will just work with exchanges to make sure that everything is tracked well. In fact, new projects should also be thoroughly investigated before they are allowed to raise money from the common masses.

What are your thoughts on Ethereum worth $9.5 million found on the USB stick? And how do you think such crypto scams can be reduced? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: Warren Buffet backed crypto favoured bank plans to go public.



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