There are more than 100 suspects in custody and 200,000 victims. It was the traces in Bitcoin that made it easier to identify criminals
More than 100 suspects have been arrested in the UK as part of an investigation described by London’s police “The biggest scam” ever in the country.
London’s Metropolitan Police this week shut down a fraudulent website that was used by thousands of criminals to swindle some 200,000 victims out of several million dollars in Britain alone, according to various news outlets.
The site is called iSpoofMake it easier for malicious actors to impersonate famous bank officials such as Barclays, Santander, HSBC, Lloyd’s, Halifax, First Direct, NatWest, Nationwide and TSB To trick victims into handing over money or confidential information that gave them access to their bank accounts.
Specifically, iSpoof allowed scammers to mask your phone number to make it look like they were calling from a trusted source; A type of process known as plagiarism.
Bitcoin allows suspects to be found
According to the LBC, 59,000 offenders paid contributions between £150 and £5,000 ($181 and $6,046) to use iSpoof, to earn approx 4 million US dollars to their respective owners.
The reports did not provide details on whether all subscriptions will be paid in Bitcoin, and if this is the only payment method available.
More than 100 arrested for leaving traces of bitcoin in ‘UK’s biggest scam’
at one point, 20 people per minute were scammed By criminals who exploit the site.
Losses are estimated at around £50 million (60.4 million USD)although authorities indicated the number could be higher, as some victims often did not report the fraud.
London police began investigating iSpoof in June last year, working with international law enforcement agencies, including those in the US, the Netherlands and Ukraine, to shut down the site.
Scotland Yard’s cybercrime unit, which worked on the investigation, I was able to track down several suspects thanks to the Bitcoin records.
More than 100 detainees
Due to the huge number of people involved, the police initially targeted iSpoof users located in the UK and those who had spent at least $120 in Bitcoin to use the site.
This led to 120 Arrests have taken place nationwide, including that of the site’s alleged mastermind, Tejay Fletcher, 34, according to local newspapers.
Through a fraudulent website, thousands of criminals have defrauded 200,000 victims
“The exploitation of technology by organized criminals is one of the biggest challenges facing law enforcement in the 21st century,” said the Metropolitan Police Commissioner. Sir Mark Rowley.
For her part, the Executive Director of Europol said that Mrs. Catherine de Paul“Today’s arrests send a message to cybercriminals that they can no longer hide behind international anonymity,” he added.
Local authorities said they would send text messages to about 70,000 phone numbers of people in the UK contacted by iSpoof scammers, alerting them to widespread scams.
It is estimated that the number of victims in the operation is higher in other countries Arrests are likely to continue, as British police have handed over a list of suspects to the authorities Netherlands, Australia, France and Ireland.