Police restore $22m to victims of Ethereum scam

The UK’s Greater Manchester Police Economic Crime Unit has succeeded in retrieving almost $22m worth of Ethereum from an online scam that operated across numerous jurisdictions.

Victims of the scam will have most of their funds restored after the taskforce cracked an encrypted USB drive which resulted in the restoration of $9.4m of the stolen funds.

Apart from the $9m found on a flash drive, the police also found a cryptograph safety deposit box with another $12.7m, accounting for some 90% of all stolen funds.

The scam, which included victims in China, Australia, the UK, the US and Hong Kong, duped people into depositing money into an online savings and trading service that refused access back to owners if they tried to withdraw their funds.

Upon finding their funds had been locked, victims alerted authorities across their respective jurisdictions, but it was the Crime Unit in Manchester that successfully identified the culprits, a 25-year-old female and a 23-year-old male, who were then arrested. The suspects have since been released pending investigation.

This marks one of the most successful attempts to tackle crypto fraud in the UK, resulting in a successful resolution for the majority of the victims.

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Updated: 08/18/2021 — 13:00