British police in Lincolnshire, England, seized $2.7 million (£2 million) in Bitcoin from a 17-year-old boy who has not been identified for legal reasons.
As part of a “sophisticated cyber fraud,” the boy created a fake website and purchased Bitcoin with stolen vouchers worth $8,900 (£6,500). The Lincoln Crown Court granted him a 12-month rehabilitation order.
The fake website, created by the adolescent in April 2020, was nearly identical to Love2Shop, a website that sells gift cards and vouchers.
“People were duped into thinking they were accessing the official site when they clicked on his website,” said Sam Skinner, prosecutor in the case.
The police investigation discovered 48 Bitcoin, a portion of other cryptocurrencies, over 12,000 credit card numbers, and the information for an additional 197 PayPal accounts on the teenager’s computer.
Detectives from our Cyber Crime Unit have seized more than £2million worth of bitcoin and other cryptocurrency as part of a money laundering investigation. It is the largest seizure ever of cryptocurrency in Lincolnshire.
— Lincolnshire Police (@LincsPolice) October 26, 2021
He admitted to money laundering and fraud charges, and Judge Catarina Knight stated that “if he was an adult, he would be going inside.”
This is not the first time Bitcoin has been used in a British court.
Recent crypto court cases in the United Kingdom
Five people were charged in a $27 million (£20 million) Bitcoin fraud case in March of this year.
The case lasted nearly two years, and the five individuals committed the fraud by exploiting a flaw in a company called Coinsport, which was run by the Australian firm Casey Block Services.
“This has been a long-running investigation involving a large sum of money—millions of pounds,” prosecutor Malcolm Isherwood stated at the time.
In April, two men were sentenced to prison for using dark web sites to buy cocaine from South America, a trade that netted them more than $4.8 million (£3.5 million).