Thursday, August 18

Police seize R$15 million in teenage bitcoin

A 17-year-old teenager was charged with fraud and money laundering after a police investigation. The case involving an amount equivalent to 15 million reais in cryptocurrencies took place in the United Kingdom and the young man was sentenced this Tuesday, October 26th.

The young man operated a fake website for over a year and in that period managed to accumulate millions by stealing victims’ information, including credit cards and other types of financial accounts.

Even with the greater anonymity provided by cryptocurrencies, criminals leave clues that are usually found by investigators who end up recovering the money and arresting the scammers thanks to their preparation.

R$1 million per month

Followed by allegations and intelligence investigations, the 17-year-old was arrested last month, Aug. 14, for involvement in credit card fraud and theft of personal information in applying a 6,000 pound, 45,000 reais, used scam. to buy Bitcoin.

In April 2020, the young criminal had created a fake website that imitated a gift card shop and during this period of more than a year, he managed to deceive several people.

According to information from Decrypt, the investigation found 48 BTC and other cryptocurrencies that together represent a value of 15 million reais, which were later learned. In addition, there were more than 12,000 credit card numbers on her computer, plus 197 PayPal account details.

Investigators in the case said it was a sophisticated fraud scheme, requiring cooperation between several agencies, such as a cybercrime unit, to close the case.

“This case also showed that we are prepared and able to adapt to the complex and ever-changing nature of cybercrime.”

The criminal confessed to his crime and was sentenced to serve a youth rehabilitation order. According to authorities, his sentence would have been much worse if he had been an adult.

Crime does not pay

Although the anonymity of cryptocurrencies attracts the attention of criminals, they always end up getting caught. As reported in this case, the use of exchanges to buy cryptocurrencies may have been one of the reasons that led the police to arrest the young man.

Furthermore, the opposite path, when criminals need to sell their cryptocurrencies, also leaves many trails. What is most striking here is the number of people who have fallen into a scam on a fake website, handing over access to their cards to the criminal.