Police in Bulgaria Arrest Multiple Over Crypto Theft Valued at $5 Million USD


The Bulgarian Prosecutor’s Office has recently arrested three people over a millionaire case of theft involving cryptocurrencies. The police have emitted a statement today, November 26, about the case. According to the prosecutor, these three men were able to steal about $5 million USD worth in crypto.

After arresting them, the Bulgarian police was able to get back $3 million USD in cryptos but $2 million were still lost. Authorities have also seized a car owned by one of the men that was arrested, which was worth $34,800 USD. According to the authorities, the car was purchased with the stolen money.

The investigation was started back in June 2018 and it was notoriously the first of its type in both Bulgaria and Europe. The three criminals arrested were highly skilled hackers and had deep knowledge about cryptos, which the police believes that may be the reason why they were able to do it.

After arresting them, the Bulgarian police has also decided to seize computers, hard drives, flash drives and notebooks from the criminals. According to information that was taken from the notebooks, the three criminals were using many different accounts for real and fake users to steal crypto.

At the moment, two of three men are still detained. One of them has had his bail set at what would be almost $30,000 USD, but at the moment we do not know whether he paid the bail and was released or not.

The Problem With Thieves And The Crypto Industry

Hacking and thieving are still major problems for the crypto industry. As cryptos generally have no chargeback options, they are the perfect asset to be stolen. Some of them, like Zcash and Monero, are even untraceable, so this is a rather good reason why people use to steal them so much.

CipherTrace, a crypto cybersecurity company, estimates that close to $1 billion USD was stolen in the first nine months of 2018.

All the anonymity of crypto makes it very hard to catch the criminals and it is even harder to get the money back, so a lot of people have stolen money using cryptocurrencies and not a lot of them were caught.

Unfortunately, there is no solution to the problem at hand and the police keep trying its best to prevent these crimes from happening.

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