UK Court Orders Crypto Fraudsters to Repay £851,402 to Scam Victims
Image: Bitcoin.com NewsA UK court has ordered two convicted men to pay £851,402.27 to victims of a fake crypto investment fraud scheme. The Financial Conduct Authority obtained the confiscation orders under the Proceeds of Crime Act 2002. At least 65 investors lost a combined £1,541,799 in the scheme that operated between February 2017 and June 2019. The FCA has identified and contacted affected victims and will distribute recovered funds.
Key points
- The fraudsters ran the scheme from February 2017 to June 2019, cold-calling victims and using a fake website promising high returns.
- The FCA has identified and contacted affected victims and will distribute recovered funds to them.
Why it matters
The ruling provides a path for scam victims to recover part of their lost funds. It also highlights common crypto fraud warning signs including unsolicited contact and promises of unusually high returns.
What's unclear
It is unconfirmed whether the full £851,402.27 ordered for repayment has been recovered from the convicted men
The exact per-victim payout amount is not disclosed, as ordered funds are less than total investor losses
Sources · 2 publishers
Blockonomi
Tier 3
UK Court Orders Crypto Fraudsters to Repay £851,402 to Scam Victims
Coverage timeline
- First reported by Bitcoin.com News
- Also reported by Blockonomi
- CryptoVideos brief published
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