UK Authorities Return $5.4M to Cryptocurrency Fraud Victims

The Greater Manchester Police (GMP) of the UK announced that it has returned over $5.4 million funds seized from an international cryptocurrency scam to 23 verified victims. In addition, the authorities say they will return $7 million more to the remaining victims.

Thus far, 127 more supposed victims have filed a claim to retrieve their investments. However, the UK police state that they are still carrying out investigations alongside partners in international law enforcement globally.

The announcement regarding the news reads:

Over four million pounds have been returned to 23 verified victims and another 127 reported claims are currently being investigated by officers alongside partners in international law enforcement across the globe.

According to the police report, scammers shut down their scheme website after investors deposited huge amounts of funds. In fact, many investors from the UK, US, China, Australia, Europe, and Hong Kong deposited money thinking that the website was an online saving and trading service using Binance Smart Chain.

Following the arrest, Detective Chief Inspector Joe Harrop warns crypto investors to be more cautious and do in-depth research to avoid the risk of scams. Moreover, he asked people to come forward and email them if any have been hit with any likely scams.

Despite the increasing crypto scam and hack issues, not all authorities come forward with a recovery capsule. Nor did they return with the lost money. Remarkably, what the UK’s authorities garnered is a great relief for the investors as well as for the crypto industry. Furthermore, it continues to be a beacon of light as it probes more into the case.