Press Release

Crypto hackers caught: $87 million worth of cryptocurrency was looted.

The police in China have arrested three hackers who have allegedly stolen $87 million worth of cryptocurrency. The investigation for the same began when there was a complaint registered against these three hackers by a user/victim who has stated that 100 million Yuan were stolen by these hackers which were in the form of prominent currencies, such as Ethereum and Bitcoin as well as other prominent currencies. An investigation was carried out further to explore the means used by these hackers to dupe the users of their money through the means of cryptocurrency.

To carry out the initial investigation, a task force was set-up. It was found that the technique that was employed was remote-hijacking technique. This technique was employed to get access to the various accounts belonging to the victim and in this manner; the whole procedure of hoodwinking the user was carried out. Because of the field of cryptocurrency as well as the technique used by the hackers, it became difficult to track the crime since no evidence of the same was left behind by the hackers. However, after investigation, the police caught upto the miscreants and they were arrested.

It all went down in this manner. After some time, the police identified a suspect named Zhou. Zhou was then followed by the authorities wherever he went. It is in this manner that the other two suspects were also nabbed. Through their own means, the authorities were able to catch hold of all the prime suspects in this case. It can be believed that all these suspects together have stolen a total sum of 600 million Yuan, from several important organizations across the world and have used several illegal means and measures to attain their own goals in a given period of time. The authorities are still investigating if the sum they believe these hackers have stolen is appropriate or is there a mistake in their estimate of the same. Along with the theft of cryptocurrency, the authorities are also keeping an eye on the procedure of crypto jacking, according to which a malware would be launched in the instrument of a cryptocurrency user and it would be than utilized to mine virtual currency illegally and also without the knowledge of the user who has been using the device. The laws in China have been tightened to ensure that the illegal activities are carried out to the minimum and there is no way in which scams can take place in the country. For example: major cryptocurrencies have kept the activities of virtual currency to a minimum following the laws that were passed by the Chinese government. However, the presence of illegal activities is still plaguing the nation, in spite of the increased efforts from the government.

Dorothy Willson
Dorothy Willson is a full time contributor to CryptoWhile. He holds major in journalism and social communication. He is closely engaged in curating and writing about cryptocurrencies and blockchain technology. He firmly believes that blockchain will transform our future financial market.

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