UK Police Exposed $51 Million Phishing Fraud With Binance


We have generally h\eard of the frauds happening under the hood of Cryptocurrency. This time that’s not the case. Cryptocurrency exchange Binance helped UK Police and exposed $51 Million Phishing Fraud.

UK Police Exposed $51 Million Phishing Fraud With Binance

Binance’s chief compliance officer Samuel Lim wrote a blog on 26 September, detailing about working Cyber Crime Unit of the United Kingdom’s Metropolitan Police Service to investigate into Bulgarian phishing expert Svetoslav Donchev.

Bulgarian scammer Svetoslav Donchev, 37, was extradited to the UK to face the online scamming fraud charges and pleaded guilty to five offenses at Southwark Crown Court on Friday, 20 September.

How $51 Million Phishing Fraud happened?

The official statement wrote, “Donchev created website scripts which were designed to look like the real websites of legitimate companies. However, they would be hosted on another server in the control of a cybercriminal who would then lure victims to it by sending ‘phishing’ emails suggesting that accounts needed to be verified or that victims were due a refund.”

“When the victim then completed the forms by inputting their personal financial information, the details were either logged or sent by email to the cybercriminal who would then use these for fraud or to sell them on the dark web. Donchev also provided them with software that disguised their phishing sites from being identified as ‘risky’ by web browsers.”

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