Binance platform helped British police catch a fraudster who stole $50M
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Answer Binance platform helped British police catch a fraudster who stole $50M
Cryptocurrency exchange Binance has helped British police catch a fraudster and bring him to justice.
The fraudster is an unnamed Bulgarian who has pleaded guilty to five counts of fraud and received a prison sentence for it.
As for the offense committed by this scammer, it is to create phishing scam scripts and then sell them on the dark web.
The scripts and scripts created by this scammer caused users to lose more than 41 million pounds, equivalent to 50 million dollars, and stolen from them.
According to what was published on the Binance blog, the platform worked in cooperation with the Cyber Crime Unit in the United Kingdom to provide important information that led to the arrest of the fraudster who managed to imitate correspondence of more than 50 different companies.
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And what was stated in statement The Binance platform includes:
“We recognize that cooperation with law enforcement agencies around the world plays a huge role in promoting a secure environment in the cryptocurrency space.
We are grateful to the UK Metropolitan Police Service, as well as the many other agencies that are actively working with us and other industry players to continue our fight against cybercrime and maintain a healthy and legitimate market.”
As for the criminal, he was extradited from his native Bulgaria for trial in the capital, London, and was brought before the court, which sentenced him to nine years in prison.
Encrypted digital currencies are still making their way among many illegal businesses that some individuals exploit from time to time
The newness of the market also makes its users, especially new users, vulnerable to fraudulent operations.
We always recommend on the Arab Bitcoin website to be careful and read about fraud stories that will enhance awareness and understanding about fraudulent operations that occur in the cryptocurrency market.
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