Three Jailed in UK for Stealing $5.3 Million in Digital Assets While Posing as Police

Three people in the UK have been sentenced to prison for stealing about $5.3 million, or roughly 4 million pounds, in digital assets by posing as police officers.

Decrypt reported on July 18 that UK police announced the sentences after the group stole digital assets from eight victims while impersonating officers.

The group called victims and claimed to be police, telling them their digital assets were at risk. They then persuaded victims to hand over account details or move their holdings to what they described as a secure account controlled by police. Investigators also found that the group created fake websites designed to resemble official police pages.

The defendants used the stolen digital assets to buy vehicles worth about 60,000 pounds. They also kept about 500,000 pounds in cash in a safety deposit box in Dubai. Police said the group lived lavishly, taking luxury trips to Thailand, Japan, France and the Maldives, and buying Rolex watches and other designer goods.

UK police said they traced the case by analyzing blockchain transaction records, exchange data, communications records and banking transactions. About 1 million pounds of the stolen money has been recovered so far.