Police

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 anti-terrorist squad and state police of Riga, Latvia, have arrested a man who was planning to kidnap and kill two people to steal their cryptocurrencies worth half a million euros.

Japanese police are going to confiscate cryptocurrency funds stolen during the Coincheck hack. If successful, this will be the first digital currency confiscation of the kind in the country.

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.

On July 31, the architect of the infamous Twitter hack was arrested by the US police. It is a 17-year-old teenager from Florida with a good track record of other scams.

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.

A programmer of Romanian origin named Silviu Balaci was sentenced to five years behind bars and a fine amounting to $250,000 for running the BitClub Network mining scam.