Four Britons jailed for laundering $26m worth of cryptocurrency

The Crown Court in Preston handed down sentences to four individuals for fraud and money laundering of cryptocurrency worth about $26 million from one of the Australian exchanges. The CPS reports.

From October 2017 to January 2018, the conspirators cooperated with the scheme’s mastermind James Parker, who worked as a financial adviser and identified a vulnerability in the trading platform’s security.

By means of deceit, they obtained a $26 million loan from the exchange and spent it on high-value items. Some of the funds were withdrawn.

The four accomplices received varying sentences—from six years’ imprisonment to eighteen months’ suspended sentence. James Parker died in January 2021.

Separately, a civil recovery order for more than $1.2 million was issued against the defendants.

Earlier, ForkLog reported that the Supreme Court of Korea ordered Bithumb to pay a total of $202,400 to 132 investors as compensation for losses due to the platform’s temporary suspension.

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