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CryptoXTimes > Article > Bitcoin News > Lancashire Police Seize £28 Million in Bitcoin Fraud Scheme
Bitcoin NewsNews

Lancashire Police Seize £28 Million in Bitcoin Fraud Scheme

Lancashire police seize £28 million from international Bitcoin fraud operation.

Haider Ali
Last updated: January 18, 2025 8:09 pm
Haider Ali 4 months ago
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Lancashire Police Seize £28 Million in Bitcoin Fraud Scheme

Australian cryptocurrency exchange’s hole was exploited in a sophisticated international Bitcoin fraud operation, bringing in £28 million (US$34 million) in assets that Lancashire police have seized.

James Parker from Blackpool was at the centre of the operation, which was named Friday as a fraud investigation first reported in the Lancashire Telegraph. The vulnerability was discovered by Parker in 2017, who and his associates would steal more than £20 million worth of credits over a three-month period.

Stephen Boys, now in jail at Overdale prison for his role in laundering these stolen funds with him, was renowned in his hometown of Clayton-le-Moors as ‘Rodney’, a nod to the character in the UK show Only Fools and Horses.

Lancashire Police Seize Fraud Money, Bitcoin, and Luxury Items

Investigators said members had been enjoying lavish spending sprees, playing out on the streets with £5,000 gift cards, and spending money to buy cars for strangers in local pubs. Several boys also admitted to bringing in £1 million in cash to pay £60,000 to officials to enable further money laundering and to buy a villa from a group of Russians.

Substantial assets have been recovered in the operation, police said. This included 445 Bitcoin worth £22 million at the time it was seized luxury items, such as high-end watches, properties, cars, and designer goods, including a £600 wine cooler. They also found more than £1 million in cash in various bank accounts.

The breakdown of seized assets from key figures involved in the operation is as follows:

  • Stephen Boys has provided £11.5 million.
  • £8 million from the estate left by James Parker.
  • £8 million from Kelly Caton
  • £4m of Jordan Robinson’s money
  • £1,100 from James Austin-Beddoes

But Parker had died in 2021 before he could be tried, and his co-conspirators were sentenced in January 2023. Boys, 61, was given six years in jail for money laundering. Caton, who was 47 at the time and known in the street for being as violent as he was prolific, was also handed a sentence of eight and a half years, while Robinson, 26, got the same. A suspended sentence was passed on Austin-Beddoes, 30.

The victim of the fraud was also fully compensated for their £24.5 million loss, and the recovery of the significant asset was achieved. The stolen assets are worth £3m more than the original fraud, which is likely due to the huge increase in Bitcoin’s value since then. It will be split evenly between the Home Office, the courts, and Lancashire Police.

Lancashire Police Economic Crime Unit Detective Sergeant Dave Wainwright warned the convicted people have three months to comply with the court orders or risk 14 years more imprisonment. International cooperation with law enforcement agencies in Australia and Finland also allowed us to investigate.

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TAGGED: Bitcoin, BTC, Lancashire
By Haider Ali
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Haider Ali is a seasoned crypto journalist known for delivering insightful analysis and breaking news in the blockchain and cryptocurrency space. His work is featured in leading industry publications, earning him a reputation as a trusted voice in the crypto community.
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