Hackers Involved in $87 Million Crypto Theft Arrested by the Police

Article by · August 20, 2018 ·

Three individuals accused of stealing bitcoins and other cryptocurrencies worth around $87 million were arrested by the Chinese police from multiple cities.

According to an earlier report, the three persons were said to be busted on Aug. 15 in Hunan, Changchun provinces, and the capital city Beijing, respectively, after the investigation launched by the police for a whole month.

The report further revealed that, in March, a self-claimed victim, registered by his surname Zhang, initially filed a complaint to the police in the northwestern city Xi’an he lost crypto assets worth around $14.5 million as his computer was hacked.

With the aid of several notable but unnamed internet companies, the police were later able to find a suspect with the surname Zhou, who is suspected to have broken into Zhang’s personal computer to transfer the funds.

As the investigation continues, The police also tracked Zhou’s two other accomplices, both of whom are suspected to be highly experienced hackers.

The group was again accused by the police of having carried out a number of illegal cyber intrusion into a corporation and personal networks to access crypto assets, with an initial approximation of 600 million yuan, or about $87 million.

As the investigation went on, it is an important case looking at the huge amount of cryptocurrency assets that are said to be involved.

This also happens a time when Chinese police have tightened efforts to hunt down cyber-crimes that are associated to cryptocurrency.

Before now, 20 suspects from a computer technology firm who were accused of using crypto mining malware to infect over a million computers and reportedly earned more than $2 million over two years were arrested by the police in China’s Dalian city.

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