Crimes related to cryptocurrency are at an all-time high. As more people adopt crypto, cybercriminals get a better chance of duping unsuspecting crypto users. The problem also lies in the general mass’s unawareness of crypto mechanisms. News of money laundering and fraud in crypto-backed platforms are becoming more and more prevalent. In the latest news involving financial cryptocurrency crimes, a British teenager was arrested for running a fake website. From this fake website, the teenager would scam unsuspecting users. The total valuation of the laundered cryptocurrencies stands at around $2.8 million.
The British police have refused to name the culprit on account of protecting his identity. Since he is still not an adult, punishments would be more reformative than usual. The 17-year old is a resident of South Lincolnshire. According to attorney Sam Skinner, the teenager replicated a fake website that resembled the official site of Love2shop. He even paid for Google advertisements so that his website would appear before the actual Love2shop website. When users entered their confidential information mistaking it for the actual website, he would steal those vouchers and buy cryptocurrencies with them.
He took down the website once Love2shop started investigating the imposter. By then, he had already bought many cryptocurrencies. While their value was around $200,000 at the time of the incident, the present value stands close to $3 million. Police discovered that he is in possession of 48 Bitcoins and a few other cryptocurrencies. He is now awaiting court judgment.