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Two Men Jailed for £5.7 Million Cryptocurrency Scam 🚔

Two men stole over £5.7 million worth of cryptocurrency from victims around the world. They have been jailed for their crimes.

👤 Jake Lee, 38, from Bath
👤 James Heppel, 42, from Wiltshire

Key Points:

1️⃣ Both pleaded guilty to three counts of conspiracy to commit fraud.
2️⃣ The South West Regional Organised Crime Unit (SWROCU) found 55 victims in 26 countries, including 11 from the UK.
3️⃣ Lee was sentenced to 4 years in prison, and Heppel got 15 months.

How They Did It:

🔸 The pair replicated the website of cryptocurrency exchange Blockchain.com.
🔸 This allowed them to steal funds and login details from victims' Bitcoin wallets.

What Was Found:

💼 £551,000 in cash handed over by Lee.
🖼️ A Banksy print worth £60,000.
💷 Cash totaling £835,000.
💻 £64,000 worth of cryptocurrency.
🚗 Three cars were confiscated.

Legal Actions:

⚖️ A confiscation order for nearly £1 million against Lee to compensate victims.
⚖️ Similar proceedings for Heppel are ongoing.

Investigation Details:

🔍 The investigation began with Lee’s arrest on suspicion of money laundering.
🔍 Officers recovered £24,000 in cash and three Bitcoin wallet recovery seeds.
🔍 SWROCU also investigated a Wiltshire victim who lost £11,000 worth of Bitcoin.

Statements:

Detective Superintendent Matt Brain:
“This was a complex investigation involving domain spoofing fraud and identifying numerous victims.”

Pamela Jain, Crown Prosecution Service:
“This prosecution involved numerous victims and authorities worldwide.”

Stay tuned for more crypto sights! 👍

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ModalAI Token Crash: A Brutal Lesson in Hype and Blind Trust

ModalAI (MODALAI) launched with sky-high expectations, but within days, it became a textbook case of how quickly things can go wrong in crypto.

Price Crash Snapshot:

All-Time High: ~$33.26

Current Price: ~$0.005

Total Decline: -99.98%

If someone invested $1,000 at the top, their portfolio is now worth around $0.15 — a devastating loss.

What Went Wrong?

1. No Transparent Team: No verifiable information about the developers or project heads.

2. Zero Utility: No clear use-case or working product.

3. Heavy Insider Dumping: Sudden price spikes followed by mass sell-offs.

4. Exchanges Only Care About Volume: Platforms like MEXC list trending tokens, not necessarily trustworthy ones. They earn from trading fees — not your gains or losses.

Key Takeaways:

Always do your own research (DYOR).

Never invest in coins where the team is anonymous, the data is vague, and the project has no solid foundation.

Don’t fall for hype or quick-pump tokens — these often leave retail investors holding worthless bags.

Crypto markets can offer great rewards, but only if you're cautious, informed, and patient.