Those who are in the crypto industry are likely familiar with the occurrence of hacks as they are fairly prominent within the industry. This includes the hacking of wallets, exchanges and so on and have constituted a menace within the industry for several years now with hundreds of millions of dollars being lost in the process. Thankfully, there is more information readily available about the activities of these hackers and how to avoid them and in some cases, apprehend them and recover the stolen funds.
One of the latest to be apprehended is an Australian citizen named Katherine Nguyen who has pled guilty to stealing $450,000 work of XRP in January 2018. This was reported on August 23, 2019, by a local news channel.
Catching the Crooks
According to the official report, Nguyen carried out her crime by hacking into the email address of a man who had the same last name as her and then she proceeded to steal all his XRP before unlocking his account two days after the theft occurred. The amount of money stolen was 10,000 tokens and this led to a police investigation that lasted 10 months before Nguyen was located and arrested for her crimes. Nguyen has now pled guilty to the crimes and will reportedly face jail time for this after a special hearing will be held on October 2019 to resolve certain disputes and determine how long her sentence will be.
“It’s a very significant crime and it’s the first we know of its type in Australia where an individual has been arrested and charged for the technology-enabled theft of cryptocurrency,” said Cybercrime squad Commander Arthur Katsogiannis.
After the theft took place, she then transferred her stolen tokens to a Chinese cryptocurrency exchange where she swapped them for bitcoin and then sent to a number of wallets and was eventually charged in October 2018.
This crime is rather ironic considering the fact that Australia is currently facing backlash for a new law that would ban transactions in both digital and Fiat currency over 10,000 Australian dollars which apparently is in a bid to prevent crime.
However, it is becoming apparent that the crimes of hackers are being cracked down upon and the activities are being mitigated.