Four individuals who illegally acquired digital assets worth £21 million ($25 million) into an Australian crypto exchange have been sentenced by a U.K. court to 15 years in jail.
Jordan Kane Robinson, 23, Stephen William Boys, 58, Kelly Caton, 44, and James Austin-Beddos, 27, received sentences from Preston Crown Court in Lancashire, England.
The jury convicted them of fraudulently obtaining millions in Bitcoin and other cryptocurrencies from CoinSpot, an Australian crypto exchange. Additionally, they were judged accountable for laundering the stolen property after it had been acquired.
Additionally, James Parker, the suspected plan leader who passed away in January 2021, had allegedly brought the four people together.
Furthermore, Parker, from Blackpool, used a flaw in the exchange’s infrastructure to steal £15 million ($18 million) in crypto from Oct. 2017 to Jan. 2018. Caton and Robinson, associates with knowledge of the exploit, also stole £2.7 million and £1.7 million, respectively.
Moreover, after acquiring the crypto, Parker asked Boys, his financial advisor, to assist him in turning it into cash. The boys hid the money in several overseas accounts while collaborating with Kambi, a British citizen in Dubai.
Collaboration With Australian And Finnish Authorities
According to, the Crown Prosecution Service collaborated extensively with the North West Regional Organized Crime Unit specialist officers for the investigation. They identified and located the stolen assets and obtained a civil recovery order worth nearly £1 million from the High Court.
CPS officials collaborated with Australian and Finnish authorities to analyze digital material. They have recovered assets and returned a significant portion to the exchange. They secured a £1 million civil recovery order against his estate despite Parker’s death.
The Rise of Crypto Crime In the United Kingdom
Additionally, U.K. National Crime Agency found money laundering as a primary reason for criminals using crypto. They seized £26.89 million ($32.4 million) in crypto from April 1, 2021, through March 31, 2022. In 2022, the crypto industry faced hacks worth over $3 billion.
Related Reading | Crypto Fraud Network Busted By European Law Enforcement, Over $1 Million Recovered
The agency created NCCU Crypto Cell to combat crypto-related crime, now hiring experts with specialist crypto experience with a salary range of £40,209 to £43,705.
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