They have found USB sticks containing large quantities of
Ethereum, the second-largest cryptocurrency in the world after Bitcoin. The
Greater Manchester Police (GMP) said the scheme cheated people from the UK, US,
Europe, China, Australia, and Hong Kong.
The victims deposited money, some even their entire life's
savings, believing it to be a genuine saving and trading service using Binance
Smart Chain. Two people were arrested for alleged fraud and money laundering,
but they have been released under investigation.
The discovery has brought into focus the anonymous and
international nature of these virtual currencies. Criminals often take
advantage of anonymity to launder money and for terrorism, tax fraud, and drug
trafficking. Although a majority of cryptocurrency transactions are legitimate,
many are also fraudulent.
GMP's Economic Crime Unit said a total of $9.5 million in
stolen Ethereum was discovered in the seized USB sticks. The police found
another $12.7 million a few days later after finding an online safe (a
cryptograph safety deposit box) and its access code.
The GMP said they have begun locating the rightful owners,
some of whom are still unknown and spread across the world, and reuniting them
with their money.
One of the victims of the fraud, who wished to remain
anonymous, told the police that he had been using cryptocurrency for years.
“The hack really surprised us at first,” he added, thanking the police for
tracking the money.
GMP said the victim will now get 90 percent of his
investment back and if all the funds remain unclaimed, he will receive the full
amount.
Detective Chief Inspector Joe Harrop of the Economic Crime
Unit said people are increasingly moving online and see cryptocurrency as the
future of money and trading.
But this shift is also leading to a new type of crime and
opportunist criminals are looking to exploit these trends as well as any gaps
in the technology. Harrop said policing also needs to adapt to this emerging
type of crime.
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