UK Police Seize $2.8 Million in Bitcoin

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British police have seized bitcoin worth almost $3 million from a teenager who set up a fake website to scam consumers. “At the time they were worth £200,000. They are now worth a little over £2 million.”

British police have arrested a 17-year-old boy from South Lincolnshire and seized bitcoin worth almost $3 million from him, BBC News reported Tuesday. The authorities cannot name the boy for legal reasons.

Prosecutor Sam Skinner said the teen set up a fake website that was almost identical to the official site of Love2shop, which sells gift vouchers.

He then paid to advertise on Google, resulting in his bogus site appearing above the genuine site in search results. The scam site duped Love2shop users into entering their personal details.

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