Details about Martin’s plan to ransom bank details for bitcoin aren’t well known, although he appears to have been demanding 2,800 BTC in late 2012 or early 2013. Bitcoin’s price was rising rapidly during that time, meaning Martin could have been asking for between $28,000 and $56,000. Had his scheme proved successful, Martin’s crime would have netted him $1.3 million at current exchange rates.
Martin appeared earlier this week via prison video link at London’s Southwark Crown Court, admitting to blackmail and “two counts of possession of articles for use in fraud,” Kent Online reported. Martin has been in custody May of 2013, and is currently serving a two-year sentence at Wandsworth Prison. He will return to court on October 16 for sentencing.