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Kraken

Kraken Assists UK Crime Victims In Recovering $2 Million Stolen Crypto

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In an effort dubbed “Operation Hyphen,” Kraken, the renowned cryptocurrency exchange, collaborated with the South East Regional Organised Crime Unit (SEROCU) to recover and return over $2 million worth of stolen cryptocurrency linked to a major crypto scam. 

Scammer Receives 4 Years In Prison For 10 Million Euro Crypto Heist

The investigation centered around the fraudulent website “iotaseed.io,” created by Wybo Wiersma, a 40-year-old individual from the Netherlands. Wiersma allegedly exploited “unsuspecting victims” by offering an alleged secure platform for generating 81-digit IOTA crypto seeds. 

However, without the users’ knowledge, the seed phrases were predetermined by Wiersma, allowing him to gain control over their tokens.

Related Reading: Ethereum Gains BlackRock’s Support: Asset Manager Registers Trust As ETH Tops $2,000

According to a statement from the UK’s Organized Crime Unit, between 2017 and 2018, Wiersma transferred more than €10 million worth of IOTA tokens from multiple victims to various cryptocurrency trading accounts.

This illegal activity came to an end when he was arrested and subsequently sentenced to four and a half years in prison for theft.

Under the Proceeds of Crime Act, SEROCU seized approximately £2.37 million in cryptocurrency from an exchange, making it the first instance in the UK where such legislation was employed to confiscate assets from a cryptocurrency exchange. 

During the court proceedings, Wiersma was ordered to pay £2.1 million, with a portion of the amount sourced from the seized cryptocurrency. The remaining funds were earmarked for restitution to the victims, who numbered between 50 and 60 individuals worldwide.

However, returning the stolen funds to the victims posed a considerable challenge. SEROCU partnered with Kraken to overcome this hurdle and sought guidance from the Financial Conduct Authority (FCA) and the National Police Chief’s Council (NPCC). 

According to SEROCU, leveraging its expertise and compliance measures, Kraken facilitated the conversion of the recovered crypto assets into GBP, ensuring a lawful and transparent process in line with regulatory requirements.

Kraken Role In Returning Stolen Crypto Funds

Detective Inspector Rob Bryant, heading SEROCU’s Cyber Crime and Cryptocurrency Unit, expressed gratitude for the collaboration and innovation displayed throughout the investigation by the exchange. 

Assistant Chief Constable Tim Metcalfe, the National Police Chiefs’ Council Lead for Cryptocurrency, highlighted the importance of leveraging partnerships with industry leaders to ensure justice for victims and deter criminals. 

Metcalfe commended the collaborative effort between law enforcement and the private sector, which enabled the victims to reclaim their stolen funds.

Related Reading: BREAKING: Shiba Inu Marketing Lead Calls On Robinhood To List BONE

Lana Sinelnikova, UK Head of Compliance at Kraken, stressed the significance of maintaining “robust security protocols” and compliance standards within the cryptocurrency ecosystem. 

Kraken’s head of compliance officer also urged individuals planning to participate in cryptocurrencies to educate themselves about common scams and red flags, emphasizing the need for increased confidence and trust in the technology and its players.

Matthew Barber, Police & Crime Commissioner for Thames Valley, expressed his delight at the operation’s results, highlighting the return of nearly £2 million of cryptocurrency to fraud victims worldwide. 

Barber emphasized the need for continued innovation to counter the ever-evolving tactics employed by scammers in exploiting unsuspecting individuals.

Kraken
The total crypto market capitalization continues to rise on the daily chart. Source: TOTAL on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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