A former Oxford University student scammed crypto users in 2018. He pleaded guilty to the charges against him on Thursday. Check out the story of his scam that caused users to lose £2 million worth of crypto.
A scam carried out on the crypto Iota
Wybo Wiersma, a 40-year-old former Oxford University student, scammed investors through a website. Indeed, he developed a platform that allowed him to raise £2.156 million worth of cryptos. He presented his site as a tool that randomly generates 81-character passwords. These passwords were intended for crypto investors wanting to hold the digital asset called Iota.
However, it was Wiersma himself who created the strings of numbers. Indeed, prosecutor Julian Christopher KC described the circumstances of the fraud, emphasizing: “In fact, the website did not randomly generate the 81 character string“. He added : “A different chain was created each time, but it was predetermined“.
The scam took place between January 17 and April 30, 2018. The computer scientist managed to steal cryptos from 99 victims by emptying their wallets. “The defendant pleaded guilty to having removed the Iota in this way from some 99 people“, explained the prosecutor.
From the arrest of Wybo Wiersma to his trial
Wiersma was arrested in 2019 after British and German authorities raided his home. He was then remanded in custody pending trial. It took time to find experts with the necessary computer knowledge to explain the scam to the jury.
Meanwhile, Wiersma had already spent four years in prison. Now, on January 26, a panel of 17 jurors has been assembled at Oxford Crown Court for the trial. It had been indicated that the trial could extend until the beginning of March.
But, at the hearing, the computer scientist pleaded guilty to the theft charge. He was then remanded in custody to be sentenced on January 27.
According to Judge Michael Gledhill, this case shows that there are security issues associated with the use of cryptos. “My advice would be if you have spare cash, don’t invest it in cryptos“said the judge.
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