A MAN has been handed a suspended sentence he stole and gambled away more than £150,000 in cryptoassets in what is the first ever conviction relating to cryptocurrency in West Mercia Police.
Ben Noden, 38, from Shipston-on-Stour, Warwickshire, was sentenced at Worcester Crown Court on Wednesday he previously pleaded guilty to two counts of theft by employee and fraud by false representation. The offences took place in Kidderminster.
Noden was handed a 24-month sentence, suspended for 24 months for theft by employee, 12 months suspended for 24 months for fraud by false representation and eight months suspended for 24 months for theft other, including theft by finding.
The sentences will rund concurrently, meaning the overall sentence is 24 months, suspended for 14 months.
The sentence comes after a cryptoasset tracing investigation against Noden was launched in 2022.
The investigation, the first of its kind by West Mercia Police, found Noden had stolen £150,000 which had been invested into cryptoassets.
What are Cryptoassets?
Cryptoassets or cryptocurrencies are an alternative way of storing value, with transfers and payments occurring through a peer-to-peer system.
It means users can send and receive the ‘cash’ directly without an intermediary such as a bank.
The complex investigation, led by the Kidderminster-based Reactive CID, was supported by Det Con Dave Allen from
West Mercia Police’s Cyber Crime Unit who carried out extensive and meticulous analysis across 90 different cryptoassets across multiple blockchain layers.
The investigation also found Noden had made 11 transactions to his own personal account, stealing approximately £3,000 in cash.
No cryptoassets were seized by the police as Noden had used all the assets to fund a gambling habit.
Det Ch Insp Matt Mcnelis, who leads the Cyber Crime Unit, said:“This case marks West Mercia Police’s first successful cryptoasset tracing investigation to reach court and demonstrates the complexity of such investigations and importantly how cryptoassets analysis can support other departments in securing positive outcomes for victims.
“I would like to commend the work of Detective Constable Dave Allen in his determination in a complex investigation to secure this successful outcome at court.”
