London authorities confiscate $700,000 in Bitcoin

Cybercrime is becoming an important issue in today’s technological society. In addition, cybercriminals are beginning to launder their money with the help of crypto currencies. Last year, Scotland arrested Yard Grant West and seized $700,000 worth of Bitcoin.

Cybercrime and Bitcoin code

Mick Gallagher led a two-year investigation that led to the arrest of Grant West. On Wednesday, the British court announced that West will be sentenced on 25 May 2018. Cyber criminals feel secure and anonymous behind their keyboard and even invincible. The arrest was a great success not only for Scotland Yard, but also for law enforcement worldwide. In December 2017, West was found guilty of numerous Bitcoin code cyber attacks – the authorities announced that West was responsible for Bitcoin code cyber attacks on over 100 companies.

West and the Bitcoin revolution

The severity of the conviction is not yet known but it remains exciting, especially when the results of previous cases are taken into account. Ross Ulbrichts case is one of the most remarkable and hardest of its kind. Ulbricht created the Silk Road, the first illegal online Bitcoin revolution marketplace for the sale of drugs. After a long investigation, the FBI managed to track down and arrest Ulbricht in a public library in San Francisco. Ulbricht was sentenced to life imprisonment by a US federal court. There have been many headlines about the Ross Ulbricht case, as most people do not consider the punishment fair, as he himself only created a Bitcoin revolution marketplace.

Two former federal agents who led the Ulbricht investigation were accused of stealing hundreds of thousands of dollars. Shaun Bridges, a former Secret Service agent, redirected $800,000 worth of Bitcoin to his personal account. The other accused agent, Carl Force, pleads guilty to extortion, money laundering and obstruction of justice. The agents were each sentenced to less than 10 years in prison. Thus it is clear that the US government wanted to set an example to Ross Ulbricht in order to prevent possible cyber criminals from the same fate.

West used phishing emails to expose personal information such as credit cards and passwords, which he then sold online. Despite his less serious crimes, British courts can follow in the footsteps of the US and severely condemn Grant West. As crypto currencies become increasingly popular in both legal and illegal activities, governments will continue to regulate these new digital assets and punish those who use them for the wrong reasons.