UK Police Breakthrough! Suspects defrauded over $22 million using Binance Smart Chain

In recent years, the prices of cryptocurrencies have been constantly rising, leading to the emergence of various new forms of scams. The widespread use of the internet has also enabled scammers to reach a global audience.

UK Cryptocurrency Scam Uncovered

The Greater Manchester Police in the UK recently cracked down on an online cryptocurrency scam. Victims from the UK, US, Europe, China, Australia, and Hong Kong had deposited large sums of money into the scammers' fake Binance Smart Chain online savings and trading service. Once enough funds were deposited, the scammers shut down their website and transferred the funds into their own accounts.

The police traced a total of around $22 million worth of cryptocurrency, including a USB drive containing $9.4 million worth of ETH and an online encrypted safe holding $12.7 million. Currently, they are urging victims of the scam to provide evidence to reclaim their cryptocurrency assets. The UK police did not disclose the name of the scam platform but provided an email address [email protected] for potential victims to report voluntarily.

Rising Cryptocurrency Scams

According to a report by the US Federal Trade Commission, consumers lost a total of $82 million to cryptocurrency scams from October 2020 to March 2021, which is ten times more than the same period last year.

Inspector Joe Harrop from the Greater Manchester Police's Economic Crime Department also commented on the matter: "Organized fraud involving counterfeit websites and their services is becoming increasingly sophisticated. Many people may have received emails from what appear to be well-known brands or banks, making it harder to distinguish the authenticity of these emails."

"From this latest case, it is evident that cryptocurrency criminal organizations can now reach a global scale in terms of their reach and the amounts they can obtain, posing a threat to people worldwide," added Joe Harrop.

With the rising prices of cryptocurrencies and the booming blockchain industry, the number of cryptocurrency fraud cases continues to increase. When investing in any service or financial asset, it is crucial to ensure that you have sufficient background knowledge and take steps to safeguard your financial assets as much as possible.