British police return $22.2m worth of cryptocurrency stolen in scam to owners

August 12, 2021


British police return $22.2m worth of cryptocurrency stolen in scam to owners

Law enforcers in the UK have identified suspects in the promotion of a fraudulent cryptocurrency trading and savings service who subsequently embezzled funds from users. This was reported on the Greater Manchester Police website.

According to the agency, the victims purported to have deposited funds into the service on Binance Smart Chain. The perpetrators subsequently transferred all the money to their accounts.

Law enforcers located the suspected masterminds of the scheme in Manchester and tracked them down. Police confiscated a USB drive, finding $9.5 million in stolen funds in Ethereum. Police subsequently gained access to a further $12.7 million.

The amount corresponds to 90% of the stolen funds. Police have launched a search for the owners of the cryptocurrencies and are set to recover the assets. According to preliminary reports, the victims were residents of the UK, US, EU, China, Australia and Hong Kong.

Law enforcers have detained two suspects. All the alleged masterminds of the scheme are from Hong Kong, with three others at large, according to journalist Colin Wu, citing sources.

British police arrested A 23-year-old male and a 25-year-old female, and recovered more than 22.2 million US dollars. They are suspected of implementing rugpull of StableMagnet Finance. This may be the largest DeFi case uncovered by the police.

According to Wu, the project in question is StableMagnet Finance. The project was reportedly scrapped in June.

According to Wu, the project in question is StableMagnet Finance. The project was reportedly scrapped in June.

Recall that in June, the London Police Service seized about $158 million in cryptocurrency as part of a money-laundering investigation, and in July it reported seizing an estimated $250 million more in digital assets.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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