The Kraken cryptocurrency exchange has helped recover stolen cryptocurrency assets in collaboration with UK law enforcement.
These funds were stolen in 2018 from users who had IOTA wallets.
By creating a fraudulent website, Dutch citizen Wybo Wiersma accessed users' wallets and withdrew more than $4 million in cryptocurrency. His website generated seed phrases to access IOTA wallets.
SEROCU officials said that the operation seized and recovered about £2.4 million ($2.9 million) in various cryptocurrencies.
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In January 2023, the court sentenced Wiersma to 4.5 years in prison and restitution. Part of the £2.4 million was used to pay the fine, and the rest was returned to the defrauded victims, who numbered between 50 and 60 worldwide.
The conversion of the digital assets into fiat money for transfer to these people was carried out by the Kraken exchange, which SEROCU approached. The legality of the processing of the stolen assets was monitored by FCA officials.
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