In a money laundering case, a 17-year-old from the UK has been revealed to have held more than £2 million ($2.7 million) in cryptocurrency, the UK police reported Wednesday.
According to a report by Coindesk, the teenager had stolen personal information and misused credit cards to deceive about £6,000 from a digital gift ticket company resulting in an arrest in August 2020. However, as the investigation unraveled, he was subsequently found to be associated with money laundering using cryptocurrencies.
Cyber Crime Investigator Detective Constable Luke Casey said:
“This was a sophisticated cyber fraud and a complex investigation which involved our Cyber Crime Unit working collaboratively with a number of external agencies and other internal departments.”
The Cyber Crime Unit reported that more than 48 bitcoin and other cryptocurrencies were confiscated from the youth. The teenager has been sentenced to engage in community service activities by the court in the northern English city of Lincoln.