United Kingdom police have confiscated £28 million (A$55 million) in assets from an international Bitcoin fraud gang that was alleged to have exploited an anomaly on an Australian cryptocurrency trading website.
The investigation centres around a trader called James Parker from Blackpool, who identified the vulnerability eight years ago.
Over £20 million in monetary proceeds are said to have been laundered with the aid of Stephen Boys of Clayton-le-Moors, who earned the nickname “Rodney” from the U.K. hit TV series “Only Fools and Horses”.
Police investigations revealed that extravagant spending by Boys included £5,000 gift cards distributed on streets and cars purchased for random pub acquaintances. In addition, they purchased luxury watches, houses, cars, and designer goods, including a £600 wine cooler.
Boys also admitted to carrying £1 million in cash to pay for a villa from Russians. He also admitted to carrying £60,000 in payoffs to corrupt officials to maintain his money laundering operations.
Overall, the police recovered 445 in Bitcoin valued at around £22 million.
While Parker did not live to be prosecuted, his co-conspirators received sentences in January 2023, including Boys, 61, who was jailed for six years for money laundering.
The victim has been fully compensated for the £24.5 million loss; and while the seized assets exceeded the original fraud by £3 million – due to Bitcoin's increase - the surplus is divided between the Home Office, courts, and Lancashire Police.
The defendants have three months to comply with court orders or risk an additional 14 years' imprisonment.