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U.K. police arrests 100 criminals using Bitcoin records – crypto.news

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Around 100 cybercriminals were arrested by the UK’s Metropolitan Police for their part in a £50m global “bank fraud scam” on Thursday 24 November. The fraudsters were identified by tracing the bitcoin records used to pay for iSpoof’s services, which allowed the cybercrime unit to narrow down the suspects.

According to a press release from the Metropolitan Police, more than 200,000 potential victims in the UK have been directly targeted by fraud website iSpoof. The massive fraud was carried out on iSpoof, an international one-stop scam service, which has now been taken down by the Metropolitan Police. The iSpoof was taken down after the scammers made more than £3.2 million ($3.9 million), according to a statement from London police.

iSpoof scam

According to the Metropolitan Police, more than 200,000 potential victims have been directly targeted by the scam website iSpoof. Fraudsters contacted crypto users posing as representatives of banks including Barclays, Santander, HSBC, Lloyds, Halifax, First Direct, Natwest, Nationwide and TSB. At one point, fraudsters hiding behind false identities using the site contacted nearly 20 people every minute of the day.

“iSpoof allowed criminals to appear as if they were calling from banks, tax offices and other authorities in an attempt to con victims. Victims are believed to have lost tens of millions of pounds, while those behind the site made nearly £3.2 million over 20 months. The Met Police said.

The UK’s Metropolitan Police reinvents the fraud investigation

The investigation into the iSpoof crime was as unusual as the fraud itself. Scotland Yard’s cyber crime unit carried out an investigation with international cooperation, including US and Ukrainian authorities, to take down the site this week. Over a 20-month period, the Met Police claim the operation netted criminals nearly £3.2 million ($3.9 million). The Cyber ​​Crime Unit began investigating iSpoof in June 2021 and was able to trace bitcoin records. As iSpoof had nearly 60,000 users, the investigative team narrowed down the suspects to UK users who spent at least £100 worth of bitcoins on the site.

Speaking about the inquiry, Commissioner Sir Mark Rowley said: “Using the technology of organized criminals is one of the biggest challenges for law enforcement in the 21st century.”

“Together with the support of UK police and international partners, we are reinventing the way we investigate fraud. The Met is targeting the criminals at the center of these illegal networks that cause misery to thousands.” He added

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