Odaily News British police have seized £28 million ($34 million) in assets from an international bitcoin fraud ring that exploited a vulnerability on an Australian cryptocurrency exchange website. The investigation centered around James Parker of Blackpool, who discovered the vulnerability in 2017. Within three months, Parker and his accomplices used the security flaw to steal more than £20 million in credit lines, with the proceeds of the scheme laundered with the help of Stephen Boys, nicknamed Rodney. The investigation revealed Parkers lavish spending, including handing out £5,000 gift cards on the street and buying cars for random acquaintances in the pub. Boys admitted carrying £1 million in cash to buy villas from Russians and paying corrupt officials £60,000 to continue the money laundering operation. Police seized 445 bitcoins worth £22 million at the time, as well as luxury watches, houses, cars and designer goods. Parker died in 2021 before being prosecuted and his accomplices were sentenced in January 2023, with Boys, 61, jailed for six years for money laundering. Victims have been awarded full compensation of £24.5 million. Due to the rise in the price of Bitcoin, the seized assets were £3 million higher than the initial amount of the fraud. The surplus will be divided between the Home Office, the courts and Lancashire Constabulary. DS Dave Wainwright of the Economic Crime Unit noted that the defendants have three months to comply with the court order or risk an additional 14 years in prison. The investigation involved international cooperation with law enforcement in Australia and Finland. (crypto.news)