Police recovered more than £2 million in cryptocurrencies from a teenager who set up a fake website as part of a “sophisticated cyber scam”.The 17-year-old, who cannot be identified for legal reasons, used the fake website to fool users of a digital gift certificate website into providing personal information.
The Lincolnshire boy took £6,500 in vouchers and used the money to buy Bitcoins, according to Lincoln Crown Court. The teenager was sentenced to a year of rehabilitation. Prosecutor Sam Skinner said the child created the false or fake website from his bedroom in April 2020. According to the court, it was nearly identical to Love2Shop’s actual website, which sells gift vouchers.
He then paid to advertise on Google, causing the fake site to appear above the real one when visitors searched for it. “People were deceived into thinking they were viewing the official site when they clicked on his website,” the prosecutor stated. According to the court, the child took down the site after a week, just as Love2Shop began investigating him after a customer complaint.
The adolescent, from South Lincolnshire, used the money to acquire Bitcoins and other cryptocurrencies, which have since skyrocketed in value, according to the court. Police discovered 48 Bitcoins and a smaller quantity of other currency after his arrest in August 2020.
“They were worth £200,000 at the time. They’re now worth slightly more than £2 million” Mr. Skinner explained. According to him, the police investigation discovered almost 12,000 credit card numbers on the boy’s computer, as well as the details of 197 PayPal accounts.
The adolescent, who is now pursuing A-levels, pleaded to money laundering and fraud totaling £6,539 by false representation between April 9 and April 16, 2020.
Judge Catarina Sjolin Knight determined that he profited £2,141,720 from his actions and ordered that money be taken from his assets.” If he were an adult, he’d go inside,” she explained. She said to the defendant, “You’ve always been fascinated with computers. Regrettably, you took advantage of your abilities to conduct a sophisticated scam”.
A Bitcoin is primarily a computer file that is saved on a smartphone or computer in a digital wallet program. It’s like an online form of cash that you can use to purchase goods and services, but it’s not regulated by the government or banks.
The Lincolnshire crypto fraud case isn’t the first time the British legal system has had to deal with such a situation. Five people were charged in a £20 million BTC fraud case in early March. Due to the seriousness of the crime and the ingenuity of the perpetrators, the case dragged on for nearly two years. To perpetuate the crime, the five people used a gap in Coinsport, an Australian corporation run by Casey Block Services.
If you find this article informative then do not forget to share it with your friends and family!
Also read: Photoshop will soon have a ‘prepare as NFT’ option
