British police seize bitcoins from teenager worth £2 million ($2.7 million)

A 17-year-old resident of Lincolnshire, England, found guilty of fraud and money laundering of cryptocurrency totaling £2 million ($2.7 million).

Police say that in April 2020 the teenager spoofed the Love2Shop website, which sells gift cards and vouchers.

Using it, he deceived users and stole vouchers worth £6,500 ($8,900). He then purchased bitcoins with the proceeds.

During the search, investigators found the defendant’s 48 BTC and a range of other cryptocurrencies, more than 12 000 credit card numbers and details of 197 PayPal accounts.

The defendant pleaded guilty to money laundering and fraud. Given his age, the court sentenced him to a 12-month rehabilitation order.

In July, the London Metropolitan Police Service, as part of an investigation into an international money-laundering scheme, carried out the largest seizure of digital currencies. The total value of the coins seized was around £180 million ($250 million).

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