Crypto
Fake Uber driver stole $300K+ in cryptocurrency, Scottsdale police say
SCOTTSDALE, AZ (AZFamily) — Scottsdale police say a Tempe man who posed as an Uber driver stole more than a quarter million dollars in cryptocurrency from unsuspecting victims who just wanted a ride.
According to authorities, Nuruhussein Hussein posed as a fake Uber driver on two separate occasions, on Mar. 31 and Oct. 11, at the W Scottsdale hotel near Scottsdale and Camelback roads.
Scottsdale Police Sgt. Allison Sempsis said the victims would be asked to unlock their phones so the driver could look up directions or make sure they were connected to the Uber app.
Instead, court documents allege that Hussein would transfer money from their crypto digital wallet to his own, which prosecutors say totaled a combined value of $302,000 as of this week.
Arresting documents say that in October, the victim gave Hussein the phone so he could try to “connect” the ride, but he began to drive down the block before handing back the phone, saying he wasn’t able to link the ride.
Later that morning, the victim noticed several emails indicating a crypto transfer had gone through, which said he had sent two Bitcoins.
Detectives from Scottsdale PD’s financial crimes unit were able to link IP addresses from Hussein’s digital wallet to his home.
The digital wallet showed he had converted the Bitcoin to a different currency: Monero/XMR, which police said is more difficult to trace.
Police were also able to link Hussein to a similar case that was reported in March.
In that case, a victim reported feeling threatened if he didn’t hand his phone over because there was a gun near the center console when Hussein allegedly said, “If you don’t chill out, something bad going to happen.”
Scottsdale police detectives and Secret Service Special Agents are still investigating.
Arizona’s Family has reported on several recent crypto scams, including that of a woman who lost $204,000 in crypto to the fraud scheme.
Last year, two men from Maricopa County were charged for reportedly ripping off hundreds in an elaborate crypto investment scheme.
What is crypto?
Cryptocurrency has been around for a while now, but seen come under the spotlight in recent years.
In basic terms, cryptocurrency is digital money. This kind of currency is designed to work through an online network without a central authority — meaning it’s typically not backed by any government or banking institution — and transactions get recorded with technology called a blockchain.
Bitcoin is the largest and oldest cryptocurrency, although other assets like Ethereum, Tether and Dogecoin have gained popularity over the years.
Some investors see cryptocurrency as a “digital alternative” to traditional money — but it can be very volatile, and reliant on larger market conditions.
The Associated Press contributed to this report.
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UK Passes Property (Digital Assets etc) Act Formally Recognizing Crypto as Property
The U.K. now formally recognizes cryptocurrency as property following the passing of a new law this week.
The Property (Digital Assets etc) Act received Royal Assent, the final step of an act becoming law after being passed by Parliament.
The act, approved by King Charles on Tuesday, was designed to modernize property law to take account of digital assets. Previously, property fell into one of two categories: things in possession, such as physical objects, and things in action, such as a debt.
The law establishes a third category that includes digital assets such as cryptocurrencies and non-fungible tokens (NFTs).
Crypto industry associations welcomed the law, hailing it as an important step in the legal recognition of digital assets and therefore instilling greater confidence for users.
“This change provides greater clarity and protection for consumers and investors by ensuring that digital assets can be clearly owned, recovered in cases of theft or fraud, and included within insolvency and estate processes,” trade association CryptoUK wrote in a post on X.
“By recognising digital assets in law, the UK is giving consumers clear ownership rights, stronger protections, and the ability to recover assets lost through theft or fraud,” Gurinder Singh Josan MP, co-chair of the Crypto and Digital Assets All Party Parliamentary Group (APPG) wrote in an emailed comment.
Cryptocurrency has previously been treated as property in court, but this has been on a case-by-case basis. This act makes the recognition law.
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