Police in Manchester, famous for being home to two football teams in the world, has returned more than $25 million to victims of crypto scams globally, over the last 18 months. However, the last report reveals that not all people who had requested their funds back were verified or got their digital assets back.
But as per the stats, the sum per victim is around $230,000. The appeal is being made by the service for more victims to come out although certain requests might be processed right now.
MPs believe that no action is being taken against the online scammers to prevent them from doing wrong, reveals the latest report. It again shines blockchain in a good light as it proves how powerful are validated and open decentralized ledger. Since the transactions on the blockchain are visible to all, the transaction can be tracked through the transaction history.
Now, this can not be done through traditional banking and is also not possible using cash. Interestingly, scams in the crypto sphere are still low in comparison to the traditional financial system.
MPs demand a “single law enforcement agency with responsibility to fight economic crime, along with one government department to take charge of the policy.” Interestingly, in 2021.
After crypto scams touched the $200 million mark meanwhile more than traditional fraud reached $3 billion, the parliament now calls for an economic crime-fighting force.
Also, it is worth mentioning here that the money stolen from people because of irresponsible banking practices from the traditional financial system, is not accounted for.
In 2021, the Manchester Police recovered approx. $20 million, and more than $5 million so far in this year. The reason this much amount of money could be returned is that the scammers were irresponsible enough to keep the private keys secure from the wallet that contained stolen crypto.
Since the police got access to the keys and the wallets they could refund the victims if they proved that they own a wallet connected to the scammers. The scammers use social engineering tactics on victims who are less knowledgeable and devoid of their savings.
Quite ironically, the scammers then also lose their digital assets because of the poor security practices of crypto.
Those who have suffered from a scam related to Binance Smart Chain project investing can contact GMP by email with the below-mentioned details:
- Wallet addresses and documentation to prove ownership.
- The name of the savings and trading service invested in.
- The name of the law enforcement you reported the crime to, and officer details
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/03/27/manchester-police-recovers-over-25-million-stolen-crypto-assets-returns-funds-to-crypto-scam-victims/