British Confiscation of $700,000 Bitcoin from Hackers

The British court will sentence the 26-year-old online fraudster Grant West to a one-year sentence this month and collect about 700,000 US dollars in Bitcoin revenue earned in 2015. West uses phishing email to mine customer data and sell it on various dark internet markets. West will convert the proceeds into Bitcoin. This is the first time Britain has seized the cryptocurrency. Britain’s Royal Court of Justice in Southwark will award Grant West on May 25.

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