U.K. police seized more than £2 million ($2.7 million) in cryptocurrency from a 17-year-old during an investigation into what they called a “sophisticated cyber fraud.”
- Detectives from the Cyber Crime Unit said they had uncovered links to money laundering through cryptocurrency, which led to the seizure of more than 48 bitcoin and other cryptocurrencies.
- The teenager, who was not identified for legal reasons, was arrested in August 2020 following an investigation into reports of credit card fraud and the theft of personal information to defraud a digital gift voucher company out of approximately £6,000 ($8,200).
- Links to money laundering through cryptocurrency were discovered later.
- The youth appeared in court in the northern English city of Lincoln on Tuesday and was sentenced to service in the community.
- “This was a sophisticated cyber fraud and a complex investigation which involved our Cyber Crime Unit working collaboratively with a number of external agencies and other internal departments,” said Cyber Crime Investigator Detective Constable Luke Casey.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.