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July 24, 2022

Four Convicted Of $25.2M Crypto Fraud

Four men have been convicted of stealing and laundering $25.2 million in cryptocurrency from an Australian crypto exchange.

Criminals Stephen Boys, Kelly Caton, Jordan Kane Robinson, and James Austin-Beddoes colluded to carry out their plan from October 2017 to January 2018, the Crown Prosecution Service (CPS) said on Friday. They also collaborated with James Parker, who has since died, according to an inquiry.

After discovering and exploiting a weakness in the crypto exchange trading platform used by the scheme’s mastermind, Parker and the other four men gained access to the exchange and took $25.2 million out of it.

Financial advisor Mr. Boys sought out Kambi, a UK citizen who lives in Dubai, to assist them to convert the stolen crypto assets into cash before laundering them via numerous foreign-based internet accounts, and then splitting the earnings with the rest of the criminal organization.

While Caton and Robinson both took a total of 2.7 million and 1.7 million pounds from their trading accounts, Parker withdrew a total of $18.1 million from his account.

Crypto assets stolen by crooks have been recovered, according to the CPS.

After Parker’s death in January 2021, the court did not have time to bring him to trial. Working with police from the North West Regional Organised Crime Unit, CPS has identified and secured a Civil Recovery Order with an estimated value of approximately $1,000,000 from his illegal actions,” according to a statement from CPS.

In the wake of crypto’s ascent, fraudsters have taken advantage of the asset class in order to carry out a wide range of illegal activities.

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More than 500 Chinese and Taiwanese citizens were defrauded out of their money by six Bangkok police suspects in a bogus cryptocurrency operation in May.

South African police recently detained two individuals on suspicion of $2 million in cryptocurrency fraud.