£2 Million, 100 Victims; Oxford Student Runs Extensive Crypto Scam
CoinEdition
Published Feb 01, 2023 08:55AM ET
£2 Million, 100 Victims; Oxford Student Runs Extensive Crypto Scam
- An Oxford student Wybo Wiersma is arrested for £2 million cryptocurrency scam.
- Wiersma is sentenced to four and half years of jail for stealing from 100 victims worldwide.
- A phony website was created to generate ‘seeds’ for users of Iota, online currency.
Dutch national Wybo Wiersma was arrested for stealing from over 100 people worldwide in a crypto fraud of £2 million. He is sentenced to jail for four and half years.
Wybo Wiersma, a research student from Gorredijk (Netherlands), was studying at the Internet Institute of St. Cross College, when he hatched up the plan to create a phony website that would eventually rob people of their life savings and businesses.
As per report, The Oxford University graduate set up a fake website, iotaseed.io, under a false name and convinced people that it would generate a ‘seed’ for those investing in an online currency called lota.
The users believed these ‘seeds’ or passwords would simply be a random string of 81 characters, including capital letters and the number 9. However, it was a predetermined code by Wiersma to steal the funds and transfer it to his own account.
Regarding the complexity of the case, Prosecutor Julian Christopher KC states:
Anyone who knows the seed can access, and so can transfer and trade the Iota crypto.
The 40-year-old converted the stolen funds into
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