The post Dead Lancashire man convicted in connection to £28M Bitcoin fraud ring appeared on BitcoinEthereumNews.com.

A Lancashire man, James Parker, has been arrested in connection to a Bitcoin fraud ring that stole £28 million from an Australian cryptocurrency website. According to authorities, the scheme started in 2017 after Parker discovered a loophole that allowed him to steal money from the cryptocurrency trading website. He allegedly used the stolen funds to support his lavish lifestyle.  Parker, alongside other co-conspirators, used the loophole to siphon money from the website, stealing funds worth £20 million in credits over the next three months. Authorities claimed that the funds from the illicit act were laundered by Parker’s corrupt financial advisor Stephen Boys, who worked with the Winster Court in Clayton-le-Moors. Parker, who discovered the glitch, went on to include others who were integral to the affairs of the gang. Lancashire police investigation uncovers Bitcoin fraud ring  According to authorities, the Bitcoin fraud ring spent the money from its affairs lavishly. For instance, people in the streets were gifted £5,000 gift cards, and Parker, who is originally from Blackpool, gave new cars to people he met at the pub. During the investigations, the police recovered 445 BTC, worth £22 million at the time. Other than the BTC, the police also seized luxury watches, houses, exotic cars, and several designer goods, including a wine cooler worth £600 from the group. They also recovered more than £1 million in several bank accounts. Lancashire police said it worked with several international law enforcement, including authorities in Australia, Finland, and the Crown Prosecution Service (CPS) to apprehend the criminals. According to the police, Parker died in 2021 before prosecution, while his co-conspirators were sentenced in January 2023. During the trial, Parker’s financial advisor, Boys revealed that he took £1 million in a suitcase to purchase a villa from some Russians he met in the back…

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Filed under: News - @ January 18, 2025 12:17 pm