Three Chinese Men In Custody Over $87M Cryptocurrency Theft

Three Chinese Men In Custody Over $87M Cryptocurrency Theft

Police in China has detained three men suspected of pulling the countrys biggest ever cryptocurrency heist worth 600 million yuan ($87 million).


Theftis Chinas Biggest: Reports

As multiple outlets report quoting local news publication Huashang Newson August 19, authorities concluded an investigation spanning almost six months into three men who allegedly hacked a computer for Bitcoin and Ether.

Our bureau has not dealt with this kind of case before, South China Morning Post quotes a police officer as telling Huashang.Its the first virtual currency-related case in Shaanxi.

According to Huashang, the investigation behind the arrest of the men known as Zhang, Cui and Zhou began in March, when the victim came forward to report a hacking of his computer. At the time, losses were thought to total 100 million yuan.

Having analyzed 30,000 pieces of information related to the event and the alleged perpetrators, the arrests were made on Wednesday last week. Legal proceedings remain ongoing.



Disrupting The Bitcoin Criminal Narrative

The size of the theft is reminiscent of an increasing cryptocurrency criminal trend largely playing out in nearby Vietnam.

As Bitcoinist previously reported, a giant altcoin scam which afflicted 32,000 investors earlier this year saw organizers make off with funds worth a reported $660 million at the time. More recently in July, the CEO of a local cryptocurrency mining company suddenly disappeared and shuttered operations leaving $35 million unaccounted for.

While Chinese police added that the use of cryptocurrency made their job more difficult, on a global level, law enforcement agencies are beginning to change the narrative that crypto assets aid and abet the success of criminals.

In an interview with Bloomberg earlier this month, Lilia Infante, an agent with the Cyber Investigative Task Force at the US Drug Enforcement Administration, said she actually hopes malicious actors will keep using Bitcoin and even privacy-focused altcoins such as Monero.The blockchain actually gives us a lot of tools to be able to identify people, she revealed.

What do you think about Chinas latest cryptocurrency theft? Let us know in the comments below!

Images courtesy of Shutterstock.

The post Three Chinese Men In Custody Over $87M Cryptocurrency Theft appeared first on Bitcoinist.com.

20.08.2018 / 02:05 46
Three Hackers Held in China Over $87 million Crypto Theft Three Hackers Held in China Over $87
Three suspects have been detained by Chinese police in connection with an alleged cryptocurrency theft. The supposed hackers stole bitcoin and other
Chinese Police Arrest Malware Developers Who Hacked $2 Million in Crypto Chinese Police Arrest Malware
The developers are responsible for hacking millions of computers to hack a total of $2 million in cryptocurrencies. Computers were initially infected
China Prosecutes Promoters of $2.3 Billion OneCoin Pyramid Scheme China Prosecutes Promoters of $2.3
Chinese prosecutors have charged the last four suspects in a total 98 individuals involved in an estimated $2.3 billion domestic OneCoin operation, a
Those 600 Missing Iceland Bitcoin Miners Could Be in China Those 600 Missing Iceland Bitcoin
With an inquiry to police in China, Icelandic authorities are checking to see if the 600 missing bitcoin miners from Icelands Big Bitcoin Heist
Chinese Police Arrest Founders of Alleged $13 Million Blockchain Pyramid Scheme Chinese Police Arrest Founders of
Chinas local newspaper has reported that Xian police has successfully arrested people involved in a pyramid scheme purporting to be a blockchain
Chinese Police Bust Alleged $13 Million Blockchain Pyramid Scheme Chinese Police Bust Alleged $13 Million
Police in China's northwestern city of Xi'An havearrested the founders of a claimed nationwide cryptocurrency pyramid scheme that allegedly amassed
Comments (0)
Add a comment
Comment on