Wybo Wiersma, a former Oxford University student, has been sentenced to serve 54 months in prison for stealing $2.6 million using a cryptocurrency scheme.
Wiersma set up a false website and generated “seeds” that appeared to be secure passwords for the crypto MIOTA, but they actually had a malicious code attached that gave him access to clients’ assets. He then transferred the stolen funds into his accounts and converted them into Monero.
Bitfinex froze his accounts after detecting the fraudulent activity, and Wiersma provided fake passports to try and get access, but Binance detected his plan and suspended his accounts.
UK authorities arrested Wiersma in 2020 and found evidence of his fraudulent activities through his computer and use of a pseudonym in both his scam website and university coursework.
Crypto scams have become more prevalent in the UK in recent years and increased by a third from 2021 to 2022.
CEO of retail banking at NatWest, David Lindberg, has warned the UK is a “paradise” for fraudsters and called for cooperation from the government, police, banks, and social media operators to combat the issue.
