Over $25 million has been refunded to victims of a global crypto scam by Manchester police in the last 18 months. Manchester is home to two of the world’s most recognized football teams. Not all of the persons who have come forward to want their monies back have been validated and their crypto has been returned as of the last update.
However, estimates imply that each victim received roughly $230,000 in compensation. Although some requests are still being processed, the organization is making appealing for more victims to come forward.
According to a recent study by MPs, not enough is being done to stop and prosecute online scammers. This is a significant victory for blockchain, since it demonstrates the value of a decentralized ledger that is both validated and open. Because blockchain transactions are public, scammers’ transactions may be followed by looking at the transaction history.
This is something that traditional banking cannot always do and is impossible to do with cash. Scams in the traditional banking system continue to outnumber those in the crypto world.
MPs advocated for a “single law enforcement agency charged with combating economic crime, as well as a single government department in control of policy.” It’s intriguing that parliament is now pushing for the creation of an economic crime-fighting group after crypto frauds hit $200 million in 2021, while regular fraud and scams cost over $3 billion.
This does not account for money that has been’stolen’ from the people through unethical banking practices in the traditional financial system.
In 2021, Manchester police expect to collect over $20 million, with more than $5 million already recovered this year. Surprisingly, the money was returned because the scammers failed to secure their private keys to the stolen cryptocurrency wallets.
The wallets and keys were discovered, allowing the authorities to reimburse any victim who could prove proof of having a wallet linked to the scammers. Scammers take advantage of their victims’ lack of understanding to utilize social engineering techniques to drain their savings. It’s pretty poetic to watch the scammers’ crypto being seized as a result of poor crypto security methods.
Anyone who has been a victim of a scam involving a Binance Smart Chain project should contact GMP at the aforementioned email address with the following information:
- The name of the investment in the savings and trading service
- The name of the law enforcement agency to which you reported the offense, as well as officer information
- Proof of ownership includes wallet addresses and documents.