Bitcoin This Gang Stole From A Website Was So Big It Made Them Struggle To Spend The Loot

This bunch of Bitcoin infiltrators weren’t prepared for the final result of their nefarious deeds; the amount of cash they stole was so big that it caused them to lose focus and eventually ended up getting busted.

The infiltrators – a gaggle of friends – have been charged with stealing almost £21 million from a cryptocurrency trading website. 

James Parker, Kelly Caton, Stephen Boys, Jordan Robinson and James Austin-Beddoes are accused of taking money from a glitch in the web site, whose name has not been disclosed by BBC.

The lads used their knowledge of cryptocurrencies to siphon off the cash and launder it through various accounts around the globe.

Bitcoin Heist Masterminded From Flat

Lancashire Police said the lads masterminded the plot from their apartment room in Blackpool after learning a few glitch within the said cryptocurrency trading website.

The wannabe criminals behind a bitcoin scam in the UK were so enthusiastic about their new-found wealth that they spent all of it on lavish lifestyles, BBC reported.

The Manchester Evening News reports that the gang was jailed this week for between six years and 18 months after the exploit that netted them $26.9 million in bitcoin.

Police reportedly recovered 445 bitcoins, luxury watches, cars, property, designer items and a 600 wine cellar.

James Parker became often known as the Bitcoin millionaire, police said. Image: Lancaster Police via BBC.

Giving Away Cars, Gift Cards To People

Along with their luxurious possessions, the gang had bank accounts containing over $1 million they usually were even in a position to buy a luxury villa for $1 million in money that was handed over in a suitcase, the report said.

At one point they allegedly were able to offer over $73,000 to deprave officials so their scam could proceed—and that’s not even all of it.

They made money so quickly that Parker bought cars for strangers and gave away £5,000 vouchers to attempt to take care of the proceeds. Nevertheless it fell apart when Caton reported to police having her Bitcoin stolen.

The fraudsters used the web from their very own homes, and it seems that over $1 million price of Bitcoin was involved. A Crown Prosecution Service spokesman said: 

“A really significant amount of the laundered assets have been returned or are within the technique of being recovered on the behalf of the Australian cryptocurrency exchange.”

The 4 men were arrested after police received information from Australian authorities about suspicious activity on a cryptocurrency exchange website registered by one among them.

Lancaster Police Det. Sgt. Wainwright said:

“The wealth they got here across was probably an excessive amount of for them to grasp themselves.”

The Sentence

The gang was charged with converting criminal property and transferring criminal property overseas—which carries as much as 15 years in prison per charge (with an extra three years).

Crypto total market cap at $949 billion on the every day chart | Chart:

Meanwhile, Parker passed away in 2021 before he might be prosecuted. His death clearly saved him from what would have been a protracted stay behind bars.

After Parker died, his corrupt financial adviser Boys was convicted of a lot of fraud offenses and received a six-year prison sentence. 

Boys’ co-conspirators Caton, Robinson and Austin-Beddoes were also convicted of fraud charges and received four-year jail terms.

Featured image from Information Age

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