Two Canadian scammers defrauded a Bitcoin investor over $ 140,000 by impersonating HitBTC. They may face two years in jail for HitBTC Twitter Fraud Case.
17 December, 2019 | AtoZ Markets – According to court records on 16 December, brothers Jagroop Singh Khatkar and Karanjit Singh Khatkhar pleaded guilty of conspiracy to commit a Twitter scam in July 2018.
Two Canadian Scammers Stole About 23 Bitcoins
The two brothers stole about 23 bitcoins (valued at around $ 157,000 today) from a 63-year-old Oregon woman. They were also setting up a fake Twitter account to impersonate HitBTC in Hong Kong. Karanjit and Jagroop trapped the woman to share her login credentials. And then they used this information to remove 23.2 bitcoins from the woman’s HitBTC account on Karanjit’s Kraken account.
Karanjit was arrested in July, and Jagroop surrendered on Monday, the report said. Each also pleaded guilty to conspiracy to commit electronic fraud and money laundering. The two may serve a two-year sentence when authorities announce the sentence on 17 March. Jagroop is still finishing his university studies, awaiting his sentence.
The woman will get her money back because prosecutor assistant Quinn Harrington received a check for $ 142,349 from the brothers. She said she was pleasantly surprised to learn that she may get her money back. She also added:
“I feel sorry for them. And, I have a 27-year-old son. I hope that they can turn their intelligence into something more beneficial.”
HitBTC Twitter Fraud Case Originally Came to Light in July this Year
The case was first revealed in July of this year, according to documents filed with the United States District Court in Portland, Oregon.
Earlier CCN Markets reported on 23 August 2019, that two Indo-Canadians are facing charges of fraud and money laundering in the US. They ripped an Oregonian off their Bitcoin valued at more than $ 200,000. In a statement, Oregon district attorney Billy J. Williams said that Karanjit Singh Khatkar and Jagroop Singh Khatkar had committed electronic fraud, money laundering and severe identity theft. Moreover, it was to steal bitcoin from an Oregonian whose identity was hidden.
Crypto Scams Continue to Grow
Highly sophisticated scams involving cryptocurrency are increasing all around the world. Earlier this month, three men were arrested for allegedly implementing a cryptocurrency Ponzi scheme that defrauded investors for $ 722 million. South Korean crypto exchange company Upbit was the victim of a significant hack. Hackers managed to steal $ 50 million worth of ETH from its hot wallet.
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