UK Authorities Seize $9.5 Million Worth of Ethereum Found in USB Sticks


Greater Manchester Police’s Economic Crime Unit of the United Kingdom has conducted a seizing of around $22.25 million after intelligence inquiries found USB sticks with significant amounts of Ethereum (ETH). According to the announcement made by the officials, investigators found $9.5 million worth of ETH, detailing that $12.7 million was found afterwards, without specifying which kinds of cryptocurrency it was.

The operation was made in the context of a crackdown of a crypto-related scam that operated fake savings and trading service, whose victims were based in the UK, United States, Europe, China, Australia and Hong Kong, the police said. The fraudsters told victims that they were relying on Binance Smart Chain to handle all the transactions.

“The scammers operating the service waited until a significant amount of money had been deposited before shutting down their website and transferring the funds into their own accounts. Unfortunately for them, the scammers did not disappear without a trace. Specialist officers received intelligence that those running the scheme had been in Manchester for a limited time and tracked them down, recovering an encrypted USB stick containing $9.5 million of stolen Ethereum,” the Economic Crime Unit commented.

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Two People Arrested

That said, Greater Manchester Police arrested a 23-year-old male and a 25-year female for fraud and money laundering offences. However, they were released as the investigation is underway. Now, the police are facing a challenge, as they are searching for the victims to return the recovered funds.




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