UK authorities have uncovered and prosecuted the masterminds of a cryptocurrency fraud in Blackpool, where bad actors stole £21 million (approximately $25.6 million) worth of cryptocurrencies. Four individuals involved in the exploit were recently sentenced to jail terms. They are Stephen Boys, Kelly Caton, Jordan Robinson, and James Austin-Beddoes. The primary mastermind of the fraud, James Parker, died in 2021 before he could be prosecuted.
The hearing occurred at Preston Crown Court, a criminal court in Preston, Lancashire, England. According to the investigation by law enforcement authorities, Parker capitalized on a loophole and withdrew fraudulent funds worth £15 million (approximately $18.3 million). The fund was withdrawn from Parker’s trading account on an Australian-based crypto exchange. The criminal mastermind executed the scheme from his home in Blackpool, England.
Prosecutor Jonathan Kelleher stated: “These offenders used the internet from the comfort of their own homes to obtain tens of millions of pounds worth of Bitcoin which did not belong to them.”
Kelly Caton and Jordan Robinson were also involved in fraudulent acts and withdrew £2.7 million (worth $3.3 million) and £1.7 million (worth $2 million), respectively.
Stephen Boys then converted the stolen funds into fiat currency through an individual based in the United Arab Emirates (UAE). The illicit funds were then moved to several foreign-based accounts. Some funds were used to acquire valuables such as gold and wristwatches, which were later confiscated by the law authorities.
As revealed by a Preston Prosecution Service spokesperson, most of the illicit funds have been retrieved and are underway to be returned to the Australian crypto exchange.
Stephen Boys was found guilty of fraud-related criminal charges and was sentenced to six years in prison. Kelly Caton and Jordan Robinson were sentenced to four-and-a-half years in prison for criminal acts. James Austin-Beddoes, also involved in the crime, pleaded guilty and was sentenced to a jail term of 18 months after being suspended for a year.
UK Government Tackles Crypto Fraud
The United Kingdom government is taking steps to curb the spread of criminal acts involving cryptocurrencies. A recent Bitcourier report revealed that the region saw a 32% jump in cryptocurrency-related fraud.
However, the cybercrime unit of the UK’s National Crime Agency recently stepped up its efforts to reduce cryptocurrency-linked fraud acts by launching a unit dedicated to cryptocurrency crimes.
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