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British man has been fined for Bitcoin scams

Updated: Mar 28

British man has been fined for Bitcoin scams

In the United States, a British man has been fined over half a billion US dollars. He is accused of cheating investors out of more than 22,000 Bitcoin. But there is no trace of the man.

Bitcoin scams have been a business for hackers over and over again in recent years. Just recently, a Bitcoin worth half a million euros lost because he fell for a fake tweet that was posted on behalf of Elon Musk. Often the scammers get away with their scam.

But Not Always

The authorities in the USA could catch such a Bitcoin criminal as early as 2019. The regulatory authority for futures and markets in the USA sued Reynolds from Britain at the time. The accusation: The man is said to have cheated 170 investors out of a 22,000 Bitcoin in the months of May between October, as reported. At the time, that was the equivalent of 145 million.

Fraudsters Stayed Away From Sentencing

In early March 2021, a district court in the US state of New York imposed a fine of 570 million dollars on Reynolds. In addition to the 145 million to be repaid to the party, the Reynolds court also humbled a civil fine of 430 million.

However, it is questionable whether Reynolds will actually repay the fine. As reported by the CFTC, Reynolds stayed away from both the trial and the verdict. There is currently no trace of him. It is also unclear whether Reynolds still has enough funds to pay the debt. Therefore, the authority informed the injured parties as a precaution that their money could be permanently lost.

Fraudsters often hack the Twitter accounts of celebrities for this and promise to reproduce the Bitcoin in their name by transferring the corresponding sums. It wasn't until mid-March 2021 that a resident lost 500,000 euros because he fell for a tweet that fraudsters had posted on behalf of Elon Musk. In 2021 alone, fraudsters stole around 18 million US dollars with this scam.

The contents of this article are for informational purposes only and are not investment advice.

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