British police are returning stolen cryptocurrency to scam victims that were affected by a Binance Smart Chain (BSC) attack. The scammer was able to get millions of dollars in stolen funds. However, the police in Manchester has already returned more than $25 million to affected users all over the world.
Police Return Stolen Cryptocurrency to Scam Victims
We have heard many times how hackers are able to steal users’ funds from crypto holders all over the world. It is clear that decentralization and freedom to use digital currencies comes with large responsibilities. At the same time, the risk of using new protocols and DeFi (decentralized finance) solutions also requires crypto holders to pay close attention to what they do.
In this case, scammers were able to steal close to $230,000 per victim from the Binance Smart Chain blockchain network. One of the protocols had been affected and many users are now waiting for their funds to be returned.
Scammers were not able to properly store and secure the stolen virtual currencies. Due to this reason, Manchester police were able to recover $25 million and give them back to the real owners of the funds. The investigation continues and the goal is to recognize as many investors as possible and return them their funds. This can take yet some time, but law enforcement agencies in the UK are already working in order to give users’ funds back.
Different reports show how scammers have been attacking people in the United Kingdom and also other countries. According to a recent report by the Treasury Committee, the government is failing to stop scammers from attacking online consumers.
Regulatory agencies all over the world have been trying to stop the expansion of crypto scams and attackers, but things are definitely difficult to manage in the crypto industry. It is also true that over the last few years, cryptocurrency exchanges and companies have been improving and adapting their security standards.
Nowadays, the industry is more secure than many years ago. This is due to the fact that companies have realized how important security is and how vulnerable users’ funds are if the right security measures are not in place.
We have also seen how the number of attacks on cryptocurrency exchanges has been falling in recent years compared to 8 or 5 years ago, which is also a positive thing for the whole crypto industry. In the coming years, it is expected for the industry to become even more secure than now.