London Authorities Seize $700,000 in Bitcoin from Cybercriminal

Last year, Scotland Yard arrested Grant West and authorized seized $700,000 worth of Bitcoin.

Mick Gallagher led a two-year surreptitious investigation which resulted in the arrest of West.

On Wednesday, a British court said that West would be sentenced on May 25, 2018.

In December of 2017, West pleaded guilty to numerous cyber attacks - authorities have stated West is responsible for cyber attacks on over 100 companies.

It will be interesting to see the severity of West's sentence, especially when prior cases' outcomes are considered.

After a long investigation, the FBI managed to track down and arrest Ulbricht in a San Francisco Public Library.

Two former federal agents who led the investigation have been charged with stealing hundreds of thousands of dollars.

Shaun Bridges, a former Secret Service agent, diverted $800,000 worth of Bitcoin seized in the investigation to his personal account.

The agents were sentenced to less than 10 years in prison each, as opposed to Ulbricht's life sentence.

West used phishing emails to receive personal information including credit cards and passwords, which he then sold online.