Monday, March 30, 2020

UK authorities auction off $300,000 worth crypto seized from Talk Talk hacker

The Takeaway:

UK police auction off worth $300,000 of cryptocurrencies seized from a convicted teenage hacker. The cryptocurrencies included Bitcoin, Ripple, and Ethereum. Elliott Gunton the infamous teenage cybercriminal who was sentenced by Norwich court for hacking Talk Talk telecommunication company in 2015.

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According to a BBC report, The UK’s Eastern Region Special Operations Unit auctioned off nearly £240,000 worth of bitcoin and other cryptocurrencies that equals to around $300,000. The cryptocurrencies were seized from a notorious teenage hacker, Elliott Gunton. Back in 2015, the teenage cybercriminal hacked into the system of the British telecommunication company Talk Talk.

The seized cryptocurrencies were auctioned off in small batches by the largest auction group in the UK—Wilsons Auctions. Gunton is currently wanted in the United States for his alleged role in an $800,000 crypto scam. Eliott was only 16 when he hacked Talk Talk and stole personal data of many people and sold it on the darknet in exchange for bitcoin. 

Norwich Court ordered a 20 months prison time, three and a half year of community service and also ordered him to pay back the £407,359. And the court also implemented a mandatory restriction on his internet and software use, which he was found violating later.

The teenage convicted hacker allegedly stole cryptocurrencies from the EtherDalta users. The US department of justice also indicted Gunton for wire fraud and identity theft. Let us know in comments what do you think about the growing cybercrime and how can it be curbed down?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

David Hayes
David Hayes
David got to know about bitcoin back in 2012 and has never looked back since, writing and exploring about cryptocurrencies or blockchain technology. He used to write for his own blog before joining ChainTimes as a writer and market research executive in 2017.

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