Two fraudsters who conned a man out of £5,000 in a bitcoin scam have been sentenced.

Samuel Billions and Samuel Oluwasegun conspired to falsely lead the victim to believe he was purchasing bitcoins from them at a City of London hotel.

Mr Billions, who used bitcoin trading websites, had contacted the victim to set up the trap. The victim met Mr Oluwasegun at a hotel in the City of London on 19 October 2019.

The victim went to the hotel thinking that he was purchasing bitcoins at an agreed exchange rate and he was told by Mr Oluwasegun that he was there to collect the cash so that the bitcoin transfer could take place.

The victim handed over £5,000 in cash before Mr Oluwasegun ran from the hotel and no bitcoins were ever transferred to him.

Mr Billions did not meet with the victim at the hotel but arranged everything in the background as part of the conspiracy.

During the resulting investigation Mr Billions was identified through his profile on a bitcoin trading website and subscriber checks on his mobile phone. Mr Oluwasegun was identified through fingerprints left at the scene. 

The pair were sentenced at Inner London Crown Court yesterday.

Mr Billions was ordered to carry out 100 hours of unpaid work over the next 12 months, given a 12 week curfew order and ordered to pay a victim surcharge of £90.

Mr Oluwasegun was ordered to complete 80 hours of unpaid work over the next 12 months and must also pay a victim surcharge of £90. 

Mr Oluwasegun pleaded guilty to conspiracy to defraud in July and Mr Billions was found guilty of conspiracy to defraud at Inner London Crown Court on 11 August 2021 following a trial.

According to the latest figures from UK Finance, fraud losses leapt by 30% in the first half of the year as criminals turned to investment frauds increasingly pushed via social media. 

Trade body UK Finance reported a 95% rise in investment fraud losses overall from £55.2m to £107.7m.

The body said that many victims of investment scams were lured by adverts on social media promising high returns on investments.