Three Chinese Hackers Caught Stealing $87 Million Worth of Crypto
Three Chinese Hackers Steal $87 Million Worth Of Crypto, Got Caught Since!
It has been reported that three Chinese hackers were successful in manipulating and stealing USD$87 million worth of cryptocurrencies, namely that of Bitcoin [BTC], Bitcoin Core [BTC] and Ethereum [ETH]. This is believed to be the largest hack China’s ever dealt with, especially considering the involvement of the digital assets. While it did take some time, Chinese police were successful in arresting all three suspects.
According to a local news outlet, the trio involved stole about 600 million yuans worth of cryptocurrencies and their main target consisted of privately and corporate-owned computers. The theft that took place in the province of Shaanxi is said to be the largest of its kind, and as per South China Morning Post, who quoted an officer dealing with the case, it is also the “first virtual currency-related case in Shaanxi.”
Based on the claims made, police officers were involved the moment a Xian victim reported the loss of his USD$15 million worth of BTC and ETH. The first suspect is supposedly Zhou, with the latter two being Cui and Zhang who were only arrested two months later. Upon arresting and evaluating their backgrounds, the police were quick to notice their expertise within the tech sector, as the trio have worked for large tech firms. While the details in regard to the firms they have been part of have been covered, the specs to how the funds were kept a secret were publicized.
After having gained access to the stolen assets, the trio supposedly decided it would be ideal to split and transfer them into smaller and multiple accounts. This was done with the hopes of reducing traceability, however the combined efforts of IT professionals and the police were able overtake that of the suspects.
As per news.Bitcoin.com, the three men are currently placed in tight security with increased surveillance for nearly a week now. While most of the truth has come to light, police have shared that the investigation will be “ongoing”, which might have to do with the lack of regulation.
With the uncertainty behind the regulation of cryptocurrencies and ICOs, it has been unveiled that China is in a sticky situation. With nearly 300 crypto frauds and cases making it in front of Chinese courts, not understanding what verdict to present and on what basis one will be found guilty remains a growing problem.
What direction do you think will China take on all matters cryptocurrencies? Will their fear of increasing crime rates force them to shut down its likes all together? Comment below.