Approximately, US$ 3 Million worth of Bitcoins have been taken into official custody by UK police from the young British boy who had allegedly lodged a phony website for the purposes of scamming visiting consumers. Yearlong investigation revealed that he was holding huge personal wealth in cryptocurrencies, including Bitcoins.
A teenage boy, who is the resident of South Lincolnshire has been arrested by police over alleged involvement in crypto scam. The boy was arrested on 26th October, 2021 and it has been told by police that he is only 17 years old. However, keeping in view his young age, the police has decided not to mention his name in the press or elsewhere.
However, police details that when the boy was arrested, he was in possession of Bitcoin valuing more than US$ 3 Million. He was brought by the police before the regional Prosecutor namely Sam Skinner. Skinner stated that the boy was involved in scamming people for crypto. He had established a phony website which gave an impression of an authentic online website of shopping. The boy’s website looked identically the same as if it was “Love2shop”, an online shop where gift vouchers are being sold.
Skinner further told that the boy made sure that the visitors fall for the trap. For this, he proceeded to advertise his fake website by paying money to Google for advertising purposes. If someone were to google the webpage of “Love2shop” then they were taken to the boy’s website boy instead of original “Love2shop”. When the visitors came fell for the trap and assuming that they were on the genuine website, they then proceeded to buy things. They then moved their intended items of purchase into the shopping cart and when they were done, they proceeded to check out. At the stage of “check out”, they were asked to disclose their personal information and credentials of credit cards and debit cards.
The Prosecutor observed that the boy was misusing the personal data of the people by fraud.
However, only a week ago, the boy decided to shut down his website. He did so because he became wary of the fact that an investigation was initiated by original website. But during this time he had stolen vouchers worth more than US$ 8,954, which he then utilized for acquiring Bitcoins.
The boy was arrested past year in the month of August. The investigation has been concluded and findings given. During the course of investigation, the boy informed police that he had acquired Bitcoins and other crypto coins from the proceeds of fraud. The police found from his possession at 48 Bitcoins and other valuable cryptocurrencies, which collectively value more than US$ 3 Million.
He was also found in possession of information relating to 12 thousand credit cards. He was also holding information regarding some 200 accounts belonging to PayPal users.