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Fake Police Officer Tricks Bitcoin Holder, Steals $2.8 Million in Wales

Key Takeaways

  • ​A Bitcoin holder in Wales lost $2.8 million after giving a fake police officer their wallet recovery phrase;
  • North Wales Police warned that they never contact people about crypto accounts or ask for recovery phrases;
  • Scammers now target even experienced investors, using detailed schemes to steal from cold wallets.

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Fake Police Officer Tricks Bitcoin Holder, Steals $2.8 Million in Wales

A Bitcoin BTC $112,343.22 investor in Wales has lost about $2.8 million after being tricked by a scammer pretending to be a senior UK police officer.

According to a report by BBC on August 20, investigators noted that the individual’s personal information had already been exposed in a separate breach.

Using this data, the scammer introduced themselves as a high-ranking UK officer and claimed the person’s details had appeared during another investigation.

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The caller then pressured the victim to "secure their funds" through a website that looked legitimate but was entirely fake.

Following the instructions, the victim entered the recovery phrase of their hardware wallet on the site. Once this phrase was typed in, the scammer gained full access and emptied the wallet.

North Wales Police explained that no officer would ever contact the public to discuss cryptocurrency accounts, storage devices, or recovery phrases. They emphasized that any request of this kind should be treated as a clear warning sign.

Officials are using this incident to warn the public. Scammers are no longer focused only on beginners but are also creating detailed schemes aimed at experienced investors.

To reduce risks, police recommend that recovery phrases remain written down and stored offline only. They should never be entered into websites or apps, no matter how convincing they look.

Recently, the security firm Scam Sniffer reported that a scammer stole over $900,000 from a crypto wallet. How? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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