More than 100 people arrested in the UK following analysis of Bitcoin transactions

Scotland Yard’s Cybercrime Unit closed the fraudulent site iSpoof and arrested more than a hundred people connected to its operation after reviewing cryptocurrency transactions.

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iSpoof allowed fraudsters to impersonate bank officials, including Barclays, Santander, HSBC, Lloyds, Halifax, First Direct, NatWest, Nationwide and TSB. The criminals paid for the service in bitcoins.

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According to the police report, over the 20 months of operation the criminals earned more than £3.2 million ($3.9 million). The number of potential victims stands at more than 200,000 people in the United Kingdom alone. The fraud has already been described as the largest in the country.

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Tracking of the Bitcoin transactions used to pay for iSpoof’s services helped the cybercrime unit narrow the field of suspects. They spent at least £100 in cryptocurrency on the site.

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The investigation into iSpoof began in June 2021 with the assistance of U.S. and Ukrainian authorities.

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The list of suspects has been handed over to authorities in the Netherlands, Australia, France and Ireland. Police do not rule out further arrests in the case.

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In October, British police confiscated bitcoins worth $2.7 million from a teenager involved in money laundering.

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