Kraken helps UK police in recovering $2m in stolen crypto
Crypto exchange Kraken teamed up with SEROCU in “Operation Hyphen” to successfully retrieve and return over $2 million in crypto currency stolen in a major scam. The South East Regional Organised Crime Unit (SEROCU), with the help of the cryptocurrency exchange Kraken, effectively managed the restitution of about £1.9 million ($2.3 million) in stolen cryptocurrency to its legitimate owners. According to a statement, approximately £2.4 million ($2.9 million) in cryptocurrency was confiscated under the Proceeds of Crime Act as a result of a 2018 scam involving the IOTA cryptocurrency. This marked the first instance in the country where this legislation was applied to confiscate cryptocurrency from an exchange. The process of reimbursing the victims involved significant challenges, particularly in converting the crypto assets into British pounds (GBP). SEROCU worked closely with the UK’s Financial Conduct Authority, the National Police Chief’s Council, and Krak...