British police charge 2 in connection with six-figure crypto fraud

British police arrested and charged two men in connection with crypto fraud as a result of a 75-year-old Aberdeenshire pensioner losing a six-figure total.

The male victim reported the fraud in July 2024, leading to an investigation by the Scottish police.

The Northeastern officers of the unit commute to England yesterday, made arrests and worked in partnership with the West Midlands and South Yorkshire Police.

They arrested a 54-year-old man in Coventry and a 36-year-old man in Mexborough, with both individuals being charged on the same day.

In a statement about the arrest, Detective Sergeant David Williamson of the Northeast Cyber-Responsive Crime Team warned the public, saying “We will be aware of activities that appear to be fraudulent and report this to the police.” .

Police Scottish statements do not provide further details, but the large sums involved suggest that the fraud is a pig slaughter fraud. Scammers work together to help them develop online relationships with victims and send money.

Williamson has been investigating similar cases in recent years, with the 2021 scam leading to Yorkshire man Benjamin Reilly, who received a 12-month community recovery order in March 2024.

Speaking in March, Williamson explained how Riley opened a social media account that promoted his fictional, own trading bot, allowing him to win a £10,000 investment from a 30-year-old Aberdeen man. Ta.

“Investors have realized that the investment channel has been removed and that they have not been able to access his money or get Riley.”

The rising scam

More generally, pig slaughter fraud has been found to have increased 40% in 2024 by Chainalysis’ 2025 Crypto Crime Report, the fastest growing scam in Chainalysis’ 2025 Crypto Crime Report It has become.

It remains the second largest type of crypto fraud after high-yield investment scams (also known as Ponzi Schemes), but already accounts for a third of all fraudulent revenue.

And it’s not just a threat within the cryptocurrency market and industry, according to James Toledano, Chief Operating Officer of Unity Wallet.

“Cheaters use social media, dating platforms, or other digital touchpoints to cultivate long-term relationships with their prey,” he said. Decryption. “The financial and emotional sacrifices to victims are profound, and many people lose a significant portion of their lives savings, are plagued by debt, and in some cases, can lead to suicide. I live with feeling and embarrassment.”

Given the enormous potential costs involved, Toledano advises retail investors to be more vigilant and adopt the old saying, “If it’s too good to be true.”

He also called for further exchanges and platforms to be further strengthened, saying, “The industry should implement robust protective measures that allow victims to proceed with the transaction before they can present warning information to the victims. All UK bank apps already do this and this is necessary for defi too.”

Toledano emphasized the importance of thoroughly researching and verifying the legitimacy of an investment platform or channel. New contacts encourage you to talk to trustworthy family and friends before proceeding with suspicious investments or transfers.

While admitting that “exposure to ‘pig slaughter’ scams is difficult to eliminate,” Toledano said, adding that retail crypto investors “quickly move quickly to unexpected messages and friend requests, especially investing discussions. He said that paying attention to those who do it can reduce the risk. Or personal finances. ”