Greater Manchester Police force has salvaged millions in stolen cryptocurrency scam after apprehending international scammers who were passing through the region.
A sum of $22.25 million (equivalent to just over £16 million) was seized by specialist officers from the Economic Crime Unit after intelligence found USB sticks containing huge amounts of Ethereum (the second largest cryptocurrency after BitCoin).
GMP said that scammers had duped people into investing millions in fake savings and trading services – and officers are now in the process of returning the currency to rightful owners.
According to police, victims based in the UK, USA, Europe, China, Australia and Hong Kong had deposited money into what they thought was an online savings and trading service using Binance Smart Chain – which stores and records transactions made in cryptocurrency confirming their movement and value.
The scammers had apparently waited until a significant amount of money had been deposited before shutting down their website and transferring the funds into their own accounts.
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#SCAM GMP rumbles international multi-million pound crypto-currency scam as GMP rumbled the fraud as it passed through #Manchester. Read more here: https://t.co/h96PSezSrH Learn about how to spot these scams from GMP's Detective Chief Inspector Joe Harrop: pic.twitter.com/Uqt6Xl4Idr
A 23-year-old male and a 25-year-old female were arrested for fraud and money laundering offences, but have since been released under investigation.
GMP’s Economic Crime Unit later found a further $12.7 million after locating a Cryptograph safety deposit box -effectively an online safe – and the code to access it.
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Cryptocurrency saving and trading services are becoming increasingly popular – and GMP says that criminals are finding ways to exploit the trend.
Detective Chief Inspector Joe Harrop of Greater Manchester Police’s ECU, said: “Our lives are increasingly moving online or onto our phones, and currencies like Bitcoin and Ethereum are often seen as the future when it comes to money and trading.
“With that comes a new type of crime and we’re seeing a rise in opportunist criminals looking to exploit these trends as well as any gaps in the technology that can be manipulated.
“It’s vital that we as a force adapt to what is an emerging type of crime, and demonstrate that there will be repercussions, regardless of the platform this fraudulent activity takes place on.”
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A sum of $22.25 million (equivalent to just over £16 million) was seized by specialist officers / Credit: Wikimedia Commons
He continued: “Organised crime is getting increasingly sophisticated in faking websites and services.
“Most of us can say we’ve got a text message from a seemingly known brand or bank, and it [is] harder than ever to tell if it’s the real deal.
“This latest case shows the huge sums we’re dealing with, and the reach these organised outfits can now achieve – a whole world is potentially vulnerable to this kind of exploitation, as shown in this case.
“We urge anyone involved [with] these platforms to use extreme caution, and know that there are still significant vulnerabilities and risks that could put their savings at risk.”
If you believe you’ve been affected by this particular cryptocurrency scam, please get in touch with Greater Manchester Police at [email protected] with the following details:
The name of the savings and trading service invested in
The name of the law enforcement you reported the crime to, and officer details
Wallet addresses and documentation to prove ownership
Featured Image – Pixabay
News
Historic hidden library in Manchester city centre reveals £11m transformation plans
Emily Sergeant
Ambitious plans to transform one of Manchester’s greatest historical hidden gems have been announced.
Founded all the way back in 1806, The Portico Library – which is hidden in plain sight on Mosley Street, in the heart of the city centre – played a central role in Manchester’s rise as the world’s first modern city, and since then, it has been serving as a window into the past and a providing a place of inspiration for anyone who needs it.
But now, these new transformation plans, titled The Reunited Project, will ensure the building not only survives, but also thrives as the UK’s most sustainable historic library for generations to come.
The Portico Library‘s transformational scheme is supported by The National Lottery Heritage Fund, and will look to ‘reunite’ the historic building’s three floors for the first time in over a century, creating a fully-accessible and sustainable cultural library.
Crucially, plans will see a step-free entrance and lift installed to make the library accessible to all.
There’ll also be new exhibition and event spaces introduced as part of the scheme to explore the stories of Manchester’s communities and the city’s heritage.
There will a Northern Bookshop, showcasing regional and emerging writers, and independent publishers, as well as a creative Portico Kitchen, which will celebrate the city’s food culture, writing, and history.
A place for school groups, families, and all people to explore Portico’s collection and experiment creatively also forms part of the plans.
“Portico Reunited is about more than restoring a building,” explained Dr Thom Keep, who is a Librarian & the Chief Executive of the Portico Library, after the transformation plans were submitted to Manchester City Council.
“It’s about opening doors to stories, ideas, heritage and communities across Greater Manchester.
“These plans secure Portico’s future, unlocking the power of heritage to inspire Manchester’s visitors and residents to explore, share, and celebrate their stories and the city’s literary and global heritage.”
If the plans are approved by the Council, The Portico Library will close for around 18 months for construction, during which it will continue to engage the public through its ‘Portigo !’ pop-up programme.
Featured Image – Portico Library
News
Government announces homebuying overhaul to fix country’s ‘broken’ housing system
Emily Sergeant
The Government has announced what it’s calling the biggest shakeup to the homebuying system in this country’s history.
In a bid to ‘rewire a chaotic system which has become a barrier to homeownership for thousands nationwide, the Government has today (Monday 6 October) unveiled proposals that it says will speed up the long-drawn out and costly process of buying a home by four weeks.
The Housing Secretary says this will not only save people money, but unnecessary stress too.
The proposed new plans would see sellers and estate agents required to provide buyers with ‘vital’ information about a property upfront – including the condition of the home, leasehold costs, and chains of people waiting to move.
It’s hoped this will help end any last-minute chain collapses and ultimately give greater confidence to first-time buyers when they’re making one of life’s most important decisions.
The Government has announced plans to fix the country’s ‘broken’ housing system / Credit: Benjamin Elliott (via Unsplash)
Binding contracts could also be introduced to stop people walking away from agreements after buyers painstakingly spend months in negotiations to hopefully halve the number of failed transactions.
The new reforms are also proposing that prospective buyers are provided with side-by-side information on estate agents and conveyancers, including their track record and expertise, alongside new mandatory qualifications and Code of Practice to drive up standards and work to rebuild trust in the industry.
Prime Minister Keir Starmer took to Twitter this morning to address the proposed new homebuying overhaul, commenting: “I promised that my Government would fix the broken housing system.
“Buying or selling a home will be faster, unlocking the dream of homeownership and allowing hardworking people to focus on the next chapter of their lives. That’s national renewal.”
I promised that my government would fix the broken housing system.
Buying or selling a home will be faster, unlocking the dream of homeownership and allowing hardworking people to focus on the next chapter of their lives.
The Manc -
12th August 2021 
