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UK police sell £300,000 of crypto seized from TalkTalk hacker

Written by Mon 30 Sep 2019

20-year-old Eliot Gunton was found guilty of selling stolen data and hacking services in exchange for cryptocurrency

UK police have raised a pretty penny through the auction of Bitcoin and other cryptocurrency seized from a crypto trader and hacker.

On September 26, Irish firm Wilsons Auctions sold 62 lots of crypto from a stash that included Bitcoin, Ethereum, Ripple and Bitcoin Satoshi Vision.

It is the first time that UK police have auctioned off criminally-seized cryptocurrency.

The auctions netted the force £300,000, with bidders from Brazil, Australia, Dubai, Canada, Singapore and the USA fielding a total of 7500 bids. On average, 1 BTC sold for £6,798.80, landing the police a 5 percent markup compared to the market rate (£6512).

“Despite one of the most significant market dips in recent months during the auctions, the results from these auctions indicate that we are exceeding market value by breaking the cryptocurrency down to smaller Lots,” said Aidan Larkin, Asset Recovery Director, Wilsons Auctions.

The cryptocurrency was seized from convicted hacker Eliot Gunton. The 20-year-old Norwich man described himself as a “full-time crypto trader”, but it turns out Gunton was also supplying stolen data and hacking services in exchange for cryptocurrency.

He was recently convicted and sentenced to 20 months in prison and also ordered to repay £400,000. As part of his three-and-a-half-year community order, Gunton is restricted from accessing certain websites and software.

Gunton is no stranger to cybercrime. As a 16-year-old he was found guilty of taking part in the TalkTalk hack, which saw 4500 of the telco customers’ bank details leaked online.

But it looks like Gunton’s troubles are just beginning. Last week, he was indicted in the US for cryptocurrency computer fraud involving at least $800,000 (£640,000). Gunton is facing charges which could result in a 20-year sentence.

Written by Mon 30 Sep 2019

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cryptocurrency
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