US Homeland Security identified 21-year-old Conor Freeman as having taken part in the cryptocurrency thefts. Dublin Circuit Criminal Court heard that five co-accused are before the courts in the United States. According to the Irish Times report, following his arrest, Freeman handed over what remained of his share from the cryptocurrency theft, which due to the increase in Bitcoin’s value in the intervening period, is now worth over $2 million.
Conor Freeman pleaded guilty to stealing cryptocurrency from Darran Marble.
Conor Freeman, of Glenageary Court, Dun Laoghaire, Dublin, pleaded guilty to knowingly engaging in possession of the proceeds of crime. He had 142.75682712 Bitcoin with him. The 21-year-old further pleaded guilty to stealing $100,000 in cryptocurrency from Darran Marble on May 15th, 2018, stealing cryptocurrencies with an approximate value of $1,921,335, from Seth Sharpiro on May 16th, 2018, and stealing cryptocurrencies with an approximate value of $167,622.22 from Micheal Templeman on May 18th, 2018. He also entered guilty pleas to three counts of dishonestly operating a computer to steal money on dates between May 15th and May 18th, 2018. He has no previous convictions.
Crypto scams continue to rise amid the ongoing pandemic.
Freeman was sentenced to three years imprisonment, but the judge reduced the sentence to two years and 11 months imprisonment to give him credit for the time he has already spent in custody. Crypto scams in the last few years have increased across countries as the crypto industry continues to grow. Crypto regulations in most countries are still in a grey area as lawmakers continue to assess the new growing space. Crypto crimes involving fake ICOs, exit scams, Ponzi schemes, and malware attacks have become frequent.