UK police are set to return nearly £2 million ($2.45 million) to victims of a crypto scam, following a first-of-its-kind seizure from an exchange in the country.At the start of the year, the South East Regional Organised Crime Unit...
UK police are set to return nearly £2 million ($2.45 million) to victims of a crypto scam, following a first-of-its-kind seizure from an exchange in the country.
Wiersma was arrested in 2019 and in January this year was sentenced to four and a half years in jail. This is the first time that police in the UK have used legislation from the Proceeds of Crime Act to seize stolen funds from a crypto exchange.
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Kraken helped with police crypto seizure
Police described the investigation as “complex and challenging” with the department having to “overcome significant challenges” in order to convert the stolen crypto. Because of this, SEROCU required help from the Kraken crypto exchange, the Financial Conduct Authority (FCA), and the National Police Chief’s Council.
SEROCU’s Detective Inspector Rob Bryant in charge of the Cyber Crime and Cryptocurrency Unit, said, “The victims… have patiently waited for five years for this to happen and it is thanks to my team’s innovation and collaboration, particularly with Kraken, without whom this may not have been possible.”