Bitcoin Daily: UK Police Seize $2M+ Crypto Scam

U.K. police have seized over $2.7 million in cryptocurrency after an investigation officials termed a “sophisticated cyber fraud,” the Lincolnshire Police announced in a press release.

Detectives from the Cyber Crime Unit found links to money laundering via crypto, and that led to seizing over 48 bitcoin and other cryptocurrencies, according to the release.

The suspect, who was underage at the time of his arrest in August 2020, was caught after an investigation into reports of credit card fraud and the theft of personal information to defraud a digital gift voucher company out of around $8,200.

In other news, Florida’s Miami-Dade County has approved a resolution to create a task force to explore whether cryptocurrency could be used to pay taxes, according to a press release.

The Cryptocurrency Task Force will offer recommendations for various crypto policies, although its first main focus will be investigating whether crypto could be used to pay taxes, fees and services within the county.

The task force plans to meet with Cheyenne, Wyoming-based CryptoFed DAO, the first legally recognized decentralized autonomous organization (DAO) in the country, in order to discuss initiatives around digital currencies.

Meanwhile, FinTech executive Fred Brothers has rolled out Cion Digital and the Cion Blockchain Orchestration Platform, which will help clients in the digital asset field, CryptoNinjas reported.

The Cion Blockchain Orchestration Platform helps integration, optionality and preventing technical debt, cutting out the friction from making blockchain-based, real-time payments and financing, according to the report.

The platform also offers ready-to-use solutions alongside quick integration into crypto exchanges and decentralized finance (DeFi) protocols, along with aggregators making a bridge between DeFi and traditional finance (TradFi), the report stated.

Cion Digital’s CEO and Founder Snehal Fulzele said in the report that the idea behind the platform is to “create a simpler way for institutions to quickly and seamlessly connect with the complex and ever-changing world of decentralized finance.”



About: Forty-seven percent of U.S. consumers are shying away from digital-only banks due to data security worries, despite significant interest in these services. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to reveal how digital-only banks can shore up privacy and security while offering convenient services to satisfy this unmet demand.

Read More: Bitcoin Daily: UK Police Seize $2M+ Crypto Scam

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