Wybo Wiersma, a former student of Oxford’s St. Cross College, has been sentenced to 54 months in prison for his involvement in a cryptocurrency scam.

The 40-year-old Dutchman stole £2,156,000 (over $2.6 million) using a false name website that generated “seeds” for the MIOTA cryptocurrency.

He attached a malicious code to the website that allowed him to access clients’ assets, which he then transferred into his own accounts and attempted to hide using fake passports.

The scam was uncovered when affected investors reported the missing assets to German police, leading to an investigation and Wiersma’s eventual arrest.

The case highlights the growing issue of cryptocurrency scams in the UK, which have increased by a third between 2021 and 2022. This has become a major concern for authorities, who are working to prevent these types of fraudulent activities from occurring.

Wiersma’s actions serve as a warning to individuals who are considering investing in cryptocurrencies. It is important to thoroughly research and verify any potential investment opportunities before committing funds.

Additionally, investors should always be cautious of false websites or individuals claiming to offer investment opportunities, especially if they request access to sensitive personal information or financial assets.

In conclusion, Wybo Wiersma’s sentence serves as a reminder of the potential dangers of investing in cryptocurrencies and the importance of exercising caution and vigilance when doing so.