British Crypto Scammer Lied About $4.7 Million in Victim Repayments

In a bizarre incident, a 69-year-old scammer in the UK claimed that he had $4.7 million in on-chain assets, which could reimburse victims. These claims were totally false.

Timothy Barnes pleaded guilty to 34 charges related to fraud, theft, and similar offenses. This bizarre incident displays the unexpected ways that crypto is changing people around the world.

Crypto Scams in the UK

As today’s crypto crime wave continues unabated, we’re seeing interesting new trends. Web3-native scammers are becoming more sophisticated, but everyday cons are incorporating the industry too. Take, for instance, a recent case in the UK involving a crypto scammer who stole $2.6 million from many victims.

According to local reports from June, UK citizen Timothy Barnes involved crypto in several scams.

The actual cons involved classic baiting techniques, like impersonating banks to demand payments for phony concerns like taxes, mortgages, loan repayments, etc. He faced 39 charges due to the variety of his crimes.

Unlike many other scammers, however, this UK man updated some of his techniques with crypto. Not only was he using digital assets to conduct these crimes and safeguard his assets, but he also used them to try to extend the court proceedings.

A Fake Wallet Defense?

Before sentencing, he claimed that he had $4.7 million saved in on-chain wallets, which could be used to reimburse the victims. Although the trial took place in June, the UK’s courts have only recently determined that this crypto stockpile does not exist:

“I was ready to sentence this defendant today. A piece of material has been provided to me. There’s no telephone number on this document, no account number. We remind ourselves that if this is a forged document, this may be an aggravating factor,” claimed Judge Andrew Lockhart, who is presiding over the case.

It doesn’t seem like these bogus reimbursement claims helped Barnes’ case, as he reportedly pleaded guilty to 34 separate offenses. Still, in a small way, this bizarre episode highlights the way crypto has permeated the UK’s society.

Barnes’ crimes, for the most part, were decidedly non-digital, stealing $277,622 from a “charity which helps promote and preserve the heritage of motorbikes.”

This is hardly on the cusp of Web3 hacking techniques. Yet, this 67-year-old found ways to incorporate crypto into his crimes and his legal defense.

Crypto has made a lot of changes to the UK and the entire world, and some of them seem quite unintelligible to industry veterans and non-participants alike.

The post British Crypto Scammer Lied About $4.7 Million in Victim Repayments appeared first on BeInCrypto.