The City of London Police have arrested a teen who is accused of stealing unreleased music and selling it online for cryptocurrency. The police, who were acting on a tip received from the Manhattan District Attorney’s Office, arrested the suspect in Ipswich, a report by The Telegraph indicates.
Police officers searched two properties before finally making the arrest, one in Suffolk town and the other in North London. This was after the management companies for a number of Grammy and Brit Award-winning artists notified the police that their music was being sold online.
An investigation was opened by the Manhattan DA’s office which received the help of the International Federation of the Phonographic Industry.
The 19-year-old was arrested on suspicion of computer misuse and copyright offences. He is alleged to have stolen the unreleased songs from musicians’ websites and cloud-based accounts. His identity, as well as those of the artists involved, has been withheld.
Nick Court, a detective with the City of London Police Intellectual Property Crime Unit, stated, “Today’s action marks a significant point in our investigation into the individuals responsible for stealing music and selling it on illegal streaming websites, worldwide. This sort of crime causes significant financial loss to those who work so incredibly hard to produce, write and make music for their fans to enjoy.”
Cryptos and music have continued to merge, with musicians and production companies recognizing the immense opportunity that cryptos and blockchain offer. Last week, Forbes reported that music label Warner Music was exploring the use of blockchain technology for tradable merchandise.
South Korea’s largest entertainment company SM is also venturing into blockchain, partnering with CTIA Labs to develop a decentralized entertainment entity. As CoinGeek reported, the two companies were in discussion to build a cryptocurrency platform with other development partners. SM is counting on blockchain to link the physical and virtual aspects of its business in an era when digital music distribution has taken over.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.