Australian Woman Gets Taken into Custody After Stealing 100,000 XRP Coins

Australian Woman Arrested After Stealing 100,000 XRP

You can go to jail for stealing cryptos. You probably know that, but it looks like a 23-year-old woman from Sydney, Australia, didn’t. After the theft of about $300,000 USD in XRP (which was worth almost $3 USD at the time) in January from the wallet of a 56-year-old man, she was arrested. The police recently raided her house after a 10-month investigation that led the officers to capture her.

The Theft

To steal the money, the criminal has decided to hack the man’s email account. After the incident, he was locked out of his crypto wallet for two days and when he finally managed to get his access to the wallet back, he discovered that all his money was gone.

The woman transferred all the XRP from the victim to an exchange based in China and later converted the money to Bitcoin. The value of the money changed a lot since then, it was originally worth more than $3 USD per token, but now the $300,000 USD would be worth only $45,500 USD if you use the current price of XRP after the bear market started to eat away its price.

The Detective Superintendent Arthur Katsogiannis, from the Cybercrime Squad Unit of the New South Wallet Police Force has affirmed that an email account is considerably more valuable than people generally believe it to be and that scammers are increasingly targeting them because the users are not using a good protection for these accounts.

He also stated that accounts should use multifactor authentication as a way to be protected and that the woman has been granted conditional bail but that she will have to attend to court in November 19.

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Gabriel Machado
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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