Detectives Arrest 18-Year-Old Ipswich Man on suspicion of NFT Fraud
ERSOU detectives have now warned potential investors to exercise caution before investing in NFTs
Last updated 9th Mar 2023
Detectives from a special branch of the police have arrested an eighteen year old man from Ipswich, as part of an investigation into NFT fraud.
Police from the Eastern Region special operations unit raised a house in Ipswich, yesterday; leading to the arrest of an 18-year-old man. The man was detained on suspicion of fraud by false representation and money laundering.
The suspect was taken into police custody for further questioning, and digital devices were seized during the search. The devices will be examined by ERSOU's specialist investigators.
The investigation centers on a "rug pull" fraud, which solicits investment in an NFT project before defrauding investors.
ERSOU's cybercrime unit has been leading the investigation. Detective Sergeant Ian Russell, from the unit, has warned potential investors to do their due diligence before investing in NFTs, cryptocurrency, games or any online project.
He said: "Yesterday's arrest is part of an ongoing investigation into the suspected fraud related to an NFT "rug pull." ERSOU detectives will continue to investigate the matter in order to bring those responsible to justice".