A gang of buddies who broke into the website and stole approximately £21 million have been accused of doing so. The primary source has withheld the website’s name in question, but James Parker, Kelly Caton, Stephen Boys, Jordan Robinson, and James Austin-Beddoes are suspected of collecting money from it.
The men took the money and used their understanding of cryptocurrency to launder it via other accounts worldwide. Parker used the assistance of Boys, a character from the BBC One series Only Fools and Horses known by the stage name Rodney, to help him reroute the stolen money through numerous accounts around the globe.
However, the amount of money these immature Bitcoin infiltrators stole was so large that it caused them to lose focus, and they ultimately got caught. Unfortunately, this group of criminals wasn’t prepared for the consequences of their nefarious deeds.
The guys allegedly planned the scheme from their Blackpool apartment room after learning of a bug in the cryptocurrency trading platform in October 2017, according to Lancashire Police.
A UK-based news publishing house revealed that the juvenile criminals behind the crypto fraud in the country were so ecstatic about their new-found fortune that they spent it all on extravagant lifestyles. According to reports, police found a 600 wine cellar, fancy watches, automobiles, real estate, and 445 bitcoins.
Another UK-based news outlet reported that the group was sentenced to prison this week for a period ranging from six to 18 months following the exploit that brought them $26.9 million in bitcoin.
The report stated that in addition to their luxurious items, the gang had bank accounts with over $1 million in them and was even able to purchase a gorgeous villa for $1 million in cash that was delivered in a bag.
They allegedly offered corrupt authorities over $73,000 at one point—and that’s not even all of it—so their fraud could go on.
Parker tried to manage the revenues by buying cars for strangers and giving out £5,000 vouchers because they made money so quickly.
More than $1 million worth of Bitcoin was involved, and the fraudsters operated online from the comfort of their homes. However, according to a representative for the Crown Prosecution Service, a sizable portion of the laundered assets have been returned or are now being recovered on behalf of the Australian cryptocurrency exchange.
A 45-year-old Blackpool woman named Caton called the police and stated that her daughter had taken 15 Bitcoin, which at the time was worth around $75,000, and that was when the fraud was only found.
Police learned of suspicious activity on a cryptocurrency exchange website registered by one of the four men after receiving information from Australian authorities. The four men were subsequently detained.
The group faces up to 15 years (with an additional three years) in prison on the two charges, which include the conversion of criminal property and the export of illicit goods.
Parker, however, passed away in 2021, precluding any legal action. After Parker passed away, Boys, his dishonest financial advisor, was found guilty of several fraud counts and sentenced to six years in prison.
Co-conspirators of the Boys, Caton, Robinson, and Austin-Beddoes, were also found guilty of fraud and sentenced to four years in prison.