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Oxford Student Arrested For $2.6M Crypto Scam

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A Dutchman named Wybo Wiersma has been sentenced to 54 months in prison for stealing over $2.6 million through a cryptocurrency scheme.

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Wiersma used a pseudonym, Norbert van den Berg, in his malicious website and university coursework at Oxford's St Cross College.

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He set up a website to generate passwords (seeds) for MIOTA, but attached a malicious code that gave him access to clients' assets.

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Wiersma stole funds, transferred them into his accounts, and converted the stolen MIOTA into Monero.

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Bitfinex and Binance both detected his suspicious activities and froze his accounts after he provided fake passports.

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The German police and UK enforcement agents launched an investigation after reports from affected investors.

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The UK agents raided Wiersma's home in Oxford, tracked his activities, and connected his pseudonym with a bitcoin payment.

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Crypto scams have been on the rise in the UK, with a 33% increase from 2021 to 2022.

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Wiersma's fraudulent activities were discovered despite his use of a false name and fake passports.

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The UK enforcement agencies have continued to track and prosecute cases of cryptocurrency fraud.

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