News: Binance Helps UK Police Bring $50M Crypto Criminal to Justice

News: Binance Helps UK Police Bring M Crypto Criminal to Justice
News: Binance Helps UK Police Bring M Crypto Criminal to Justice

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0:00:00 Binance Helps UK Police Bring $50M Crypto Criminal to Justice

0:00:05 This update is brought to you by “CoinCheckup News Updates” and was originally published on “NewsBTC”.

0:00:11 Leading crypto asset exchange platform Binance has provided information to the UK police force to help bring a fraudster to justice.

0:00:19 The unnamed Bulgarian individual pleaded guilty to five counts of fraud and received a custodial sentence for his role in numerous phishing scams.

0:00:28 The convicted fraudster had created phishing scripts that he sold via the dark web.

0:00:32 This enabled other criminals to rack up a total of more than $50 million.

0:00:37 According to a post to Binance’s blog, the popular crypto asset exchange has been working closely with the UK’s Cyber Crime Unit.

0:00:45 The department is a division of the Metropolitan Police Service.

0:00:49 The operation affected roughly half a million victims, with most being targeted via e-mail, and resulted in fraud totalling about £41.6 million British Pounds.

0:00:59 The exchange has provided information that helped with the conviction of a Bulgarian fraudster who created and sold phishing scripts.

0:01:06 The scripts were designed to imitate correspondence from 53 different companies.

0:01:11 Sold via the dark web, the scripts were used by other criminals to defraud victims out of a total of £41.6 million, or more than $50 million.

0:01:21 They were reportedly circulated mostly via emails.

0:01:24 “We also recognize that cooperation with law enforcement entities around the world plays a large part in fostering a safe environment in this space.

0:01:33 The phishing scammer was recently extradited from his native Bulgaria to stand trial in London, England.

0:01:39 During the court case, heard last week at the Southwark Crown Court, the individual pleaded guilty guilty to five counts of fraud.

0:01:46 The criminal was sentenced to nine years in prison for his deeds.

0:01:49 Thanks for checking out this video!
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