Lincolnshire Police reported Monday that its cybercrime unit had seized over £2million ($2.8 million) worth of bitcoin and cryptocurrencies as part of a money laundering investigation involving a teenager.
The 17-year-old whose name was withheld for legal reasons, has been charged with false representation and money laundering. Following a court hearing on Monday, the teen was sentenced to twelve months of community service.
Police detectives uncovered the suspect’s involvement in a credit card fraud incident that took place in April 2020. The teenager created a website that looked similar to gift card platform Love2Shop and set up Google Ad campaigns to put it on top of search results.
The fake website received hits from the advert allowing him to collect credit card details from unsuspecting shoppers. He amassed £6,000 ($8,200) from the scheme and invested it in Bitcoin and other cryptocurrencies at a time where prices were still significantly lower than today.
Following his arrest in August 2020, police detectives continued investigations and subsequently discovered that the teenager had laundered money through cryptocurrency. Officials reportedly seized 48 bitcoins worth over £2million at today’s prices, as well as other cryptocurrencies.
Commenting on the development, Cyber Crime Investigator Detective Constable Luke Casey labelled it a “sophisticated cyber fraud” case and applauded the diligence of detectives who followed available trails to bring a “positive outcome for the case.”
Contrary to the notion that cryptocurrencies like Bitcoin are anonymous, the latest development revealed that authorities now have tools within their reach to monitor transactions to a certain degree. In other words, the open-nature of cryptocurrency networks and their ties to centralised exchanges make it easier for authorities to find criminals, rather than shield them.
While the more than £2million cryptocurrency seizure was described by local authorities as “one of first and largest of its kind in Lincolnshire,” it is not the largest in the United Kingdom. In July, the Metropolitan Police seized £180 million ($249 million) worth of cryptocurrency linked to an international money laundering operation.
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