Since the UK began hunting money launderers, British police have managed to seize over $408 million (£294 million) worth of illegal cryptocurrencies. This shows that the general situation with money laundering using cryptocurrencies in the United Kingdom is alarming.
The cybercrime department of the Turkish police has arrested four people following the loss of $2 Billion from a cryptocurrency exchange. The arrested people included the head of Vebitcoin, one of the sites that became inaccessible leading to loss of funds. The culprits were rounded up in the province of Mugla southwestern Turkey.
Cryptocurrency scammers use numerous leverages to trick people into handing over their money. The basic desire for love and money are the most widespread of them. At least, that is what the Vancouver Police Department (VPD) thinks. These desires have already cost the citizens about $2 million in losses.
Several cryptocurrency scams have been exposed since the beginning of 2021 and the legal actions have been taken by authorities. A lot of cryptocurrency scams normally appear as online chain referral schemes, high-return investments, or Ponzi-schemes.
The COVID-19 pandemic and global economic crisis triggered the increase in illegal activity related to cryptocurrency. However, law enforcers also keep themselves busy to fight the growth and put as many criminals behind bars as possible.
Officers of the Cybersecurity Department of Latvian Police exposed the activity of an organized gang of cybercriminals. During the operation, the law enforcers confiscated cash and cryptocurrency in the amount exceeding 110,000 Euro.