Full Recovery Following Crypto Scam - £500,000 Recovered
- Crypto Seeker
- May 23
- 2 min read
In a groundbreaking legal victory, an 80-year-old Brit, referred to as Mr. A, successfully reclaimed over half a million pounds (£520,000), which he lost to a sophisticated cryptocurrency scam. This case marks the first full recovery under the newly enacted Section 303Z51 of the Proceeds of Crime Act 2002 (POCA), setting a precedent for future crypto fraud recoveries.
The Scam
Mr. A, facing personal hardships, was lured by a fraudulent online platform, Investiva, promising lucrative investments in stocks and commodities. Over four months, he was guided to open cryptocurrency wallets, convert fiat currency into Bitcoin, and transfer funds to wallets controlled by scammers. These transactions, averaging £10,000 each, culminated in a total loss exceeding £520,000.
Legal Strategy and Recovery
Upon realizing the fraud, Mr. A reported the incident to local police and engaged specialist legal counsel. A collaborative effort involving lawyers and forensic accountants alongside law enforcement, led to the tracing of funds to a crypto exchange and private addresses holding Tether (USDT), and subsequently a freezing order was obtained.
Applying civil equitable tracing principles, the legal team established Mr. A's claim to the assets, shifting the burden of proof to the fraudsters. The court accepted this approach, resulting in the full repatriation of Mr. A's losses from the overseas exchange.
Implications for Crypto Fraud Victims
This case underscores the potential of new legal frameworks in addressing cryptocurrency scams. The collaboration between law enforcement and private legal experts demonstrates a viable path for victims seeking restitution. As digital asset fraud becomes increasingly prevalent, such precedents offer hope and a blueprint for recovery.
Protecting Your Digital Assets
In light of rising crypto scams, it's imperative to stay vigilant. Ensure transactions are conducted through regulated platforms and be wary of unsolicited investment opportunities. For those affected by crypto fraud, prompt action and expert legal assistance are crucial.
Take Action
If you've fallen victim to a cryptocurrency scam, don't lose hope. We work with top experts in tracing and recovering lost digital assets. Leveraging cutting-edge technology and legal expertise, we aim to restore your financial security.
