In Ireland, a CEO steals the equivalent of 397 bitcoins through a massive cryptocurrency scam. The total amount stolen is equivalent to $6.5 million, and this is the first time this has happened in the country. Jawad Yaqub, 43, is accused of stealing bitcoins in addition to other crimes through his company Razormind.
Yaqub’s modus operandi
Razormind is an Irish company located in County Down. It was created by Jawad Yaqub, who uses it to his illegal activities. These include fraudulent trading, misrepresentation fraud and conversion of illegal assets. To trick his victims, Yaqub used fake diplomas from Queen’s University Belfast. He also told them that he worked with large financial and public organizations.
According to Yaqub’s legal team, he “currently lives off the generosity of others.” Indeed, he would have a hard time tying the knot, because his cryptocurrency accounts remain frozen. Before the case reaches the Supreme Court on December 15, a preliminary investigation will take place.
Razormind, a dissolved company that continues to operate under the influence of fraud
The integration of blockchain technology was the focus of IT services company Razormind. Described as an “Ethereum blockchain rival” by Cointelegraph in June 2016, the company had more than 260 employees. It had offices around the world and clients including HSBC, Santander, Bank of America and Commonwealth Bank of Australia. Throughout September 2016, rumors were circulating that Razormind was going to create two blockchain banks in Europe. However, the company dissolved in 2017 before the project materialized.
The Hollywood native’s case first came to Newtownards District Court in Ireland last Wednesday. However, in order to analyze the new files, the lawyer proposed that the case be postponed for four weeks.
In short, bitcoin’s lack of regulation makes this asset a prime target for scammers. However, the blockchain is nowhere near as fragile as these individuals think.
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