Former Microsoft Employee Allegedly Stole Millions In Cryptocurrencies Via Redeemable Gift Cards

Former Microsoft Employee Allegedly Stole Millions In Cryptocurrencies

Volodymyr Kvashuk, a 25-year-old Ukrainian citizen living in Renton, Wash. and a former Microsoft employee has been accused of stealing millions in cryptocurrencies from his workplace and then reselling them online to support his lavish lifestyle. Federal prosecutors allege that the accused had stolen gift cards and a large sum of digital currencies, which he used to buy a lakefront home estimated to be worth $1.6 million and a Tesla automobile worth $160,000

the U.S. Attorney's Office in the Western District of Washington found Kvashuk guilty of the charges levied against him and now faces twenty years in prison and an estimated fine of $250,000 for his misdeeds. The office also believes that the suspect might have siphoned off more than $10 million from his previous workplace. The office in its statement said,

“Kvashuk was involved in the testing of Microsoft’s online retail sales platform, and used that testing access to steal ‘currency stored value' such as gift cards, and then resold the value on the internet, using the proceeds to purchase a $160,000 Tesla vehicle and a $1.6 million dollar lakefront home.”

The statement further adds,

“Kvashuk, a knowledgeable software developer, attempted to mask digital evidence that would trace the fraud and the internet sales back to him. He used a bitcoin ‘mixing' service in an attempt to hide the source of the funds ultimately passing into his bank account. In all, over the seven months of Kvashuk's illegal activity, approximately $2.8 million was transferred to his bank accounts.”

Kvashuk Was Confronted And Later Fired From The Job

As soon as kvashuk’s theft came into the knowledge of the authority, he was immediately confronted and later fired from his job a month later. One of the company’s spokesperson said,

“When we learned of this misconduct we investigated, terminated his employment, and then referred the matter to law enforcement.”

Kvashuk made his initial appearance before the U.S. District Court in Seattle on Tuesday and has been detained until the next hearing scheduled for Friday.