Binance Provides Info To UK Police On $50M Crypto Criminal

Binance provides information to the UK police in order to help them in the catching of the crypto fraudster and bringing him to justice. The leading crypto exchange helped the police to get to the Bulgarian citizen who reportedly stole more than $50 million in crypto as we are about to read in the blockchain latest news today.

After catching the fraudster, he pleaded guilty to five counts of fraud and received a custodial sentence for taking part into hundreds of phishing scams. The convicted fraudster worked on creating phishing scripts which were later sold on the dark web. He managed to make up to $50 million from selling them. according to the blog post on Binance, the popular exchange was working very closely with the UK Cyber Crime Unit which is a division of the Metropolitan Police Service. Binance provides information to the police which is helpful for the conviction of the Bulgarian fraudster who created the phishing scripts. These scripts were designed to imitate the correspondence from the 53 different companies. He sold them via the dark web and later they were used by other criminals to defraud victims out of more than $50 million by circulating via emails. The blog post reads:

“We also recognize that cooperation with law enforcement entities around the world plays a large part in fostering a safe environment in this space. We are thankful for the UK Metropolitan Police Service, as well as the many other agencies actively working with us, and other industry players, to continue our fight against cybercrime and sustain a healthy, legitimate market.”

The phishing scammer was extradited from his native country of Bulgaria in order to stand trial in London and during the court case which was heard seven days ago at the Southward Crown Court, the Bulgarian citizen pleaded guilty to five counts of fraud. He was sentenced to nine years in prison. As per the cryptocurrency news today, many of the lawmakers around the world outline these cases in order to show just how poor the digital currency is for committing illegal acts. All of the transaction data is stored on a publicly accessible record or better known as the blockchain and with a little digging and with the help of Binance, the criminals are usually discovered and charged for their crimes.