Three arrests made in $80m+ cryptocurrency scam

Three arrests made in $80m+ cryptocurrency scam
Chinese police have tracked down three hackers believed to have stolen over $80m in cryptocurrency…

Police in China have arrested three individuals, it’s been revealed, involved in a major cryptocurrency hack. The trio in question are alleged to have stolen cryptocurrency to the value of some $87m, and they were arrested last last week. An investigation into their activity had been underway for several months, and police made their arrests across different cities in China.

The news was broken by Chinese news agency Xinhua, who reported that the case first came to light at the end of March. That’s when Chinese police received a report from a victim of the crime by the name of Zhang. He informed authorities that his computer had apparently been hijacked, and was being used to loot cryptocurrency. It turns out that the hackers were using remote hacking software to snare their loot, and as a consequence, Zhang had no idea for some time that his machine had been compromised.

Police worked with internet firms who haven’t been named to identity the perpetrators. In all, the hackers successfully infiltrated a series of personal and corporate networks, accruing the aforementioned $87m haul.

Chinese police forces continue with their crackdown on cryptocurrency cybercrimes, and this is one of their highest profile successes to date.

The three arrested – and separate forces coordinated to arrest them at the same time – have been described as “senior hackers”, and the investigation into their case continues. At this stage, the trio have been arrested, but have not been formally charged. Expect further news in due course.

 

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