The Metropolitan Police Department of the United Kingdom has recently sealed the operations of an international scam scheme. The scam project was headed by a 23-year male and a 25-year-old female hailing from the UK. The Police have also taken into custody a USB that contained $9.5 million worth of Ethereum tokens that were stolen from the victims around the globe.

In total, the Police report mentions that the criminals had stolen cryptocurrency tokens amounting to $22.25 million. As per the report, the victims of the said scam hail from many parts of the world like Hong Kong, China, Europe, the USA, the UK, and Australia.

The scammers who were running this operation did not have to invest a lot of money or exhaust a lot of resources to fool people. The scammers were offering people online cryptocurrency custodial services. They were operating a website that charged investors for keeping their investment safe in an online account that can be accessed from many fronts. A massive number of people end up signing up for these services.

The scammers were only waiting to collect a huge pile of money. Once they were sure that they have a huge amount, they folded their operations and tried to run off to another country. The Economic Department of the Greater Manchester Police stipulated that the scammers were also found in possession of a cryptographic safety deposit box. After some interrogation, the Police were able to find out the password to the cell and get access to the stolen funds.

UK Police are Trying their Best to Return Funds to Victims

There have been many incidents where people who deal in cryptocurrencies proceed to put their trust in a business without doing proper research. The Police Department of the UK claims that since most of the investors preferred to keep their real identity hidden, it is a challenge to locate them worldwide and recompense their lost investment.

The police also revealed that 90% of the money confiscated from the scammers is in the form of cryptocurrencies. The Police report unveils that the scammers established their scam business on top of the Binance Smart Chain. Joe Harrop, Detective and Chief Investigator on the case told the media that people should be more careful with their investment and use KYC-compliant services to allow for better record keeping.