Latest update from China revealed the success of Chinese police in arresting the individuals who have been suspected to be cryptocurrency hackers. According to the report revealed by the renowned media publications, the police department of China has arrested a trio that under the impression of stealing up to $87 million in bitcoin along with other cryptocurrencies.
China Cryptocurrency Hacking | Xian
Recently, three people were arrested by the Chinese police under the suspicion of stealing cryptocurrency. According to the rough estimate that is revealed by the authorities, the amount that is believed to be stolen has rounded off to $87 million that equated to 600 million yuan.
According to police, the funds that the hackers managed to steal were from both corporates and personal computers.
This case has been tagged to be the highest value cryptocurrency criminal investigation in the country’s history by the law enforcement in Shaanxi province’s capital, Xian.
This is nothing sudden, in fact, the investigation regarding this case was ongoing since March just one month after the attackers from Xian managed to steal $15 million of cryptocurrency in the Ethereum and bitcoin.
Who was arrested? The Investigators report –
The complete reports, however, are not yet revealed, but the media has been pointing out that the suspects whom China’s police have arrested worked in one of the top internet companies. Investigators on this case added up that all three of the suspects have a good experience on the internet. Although, the name of the firms or firm they worked for has not yet been revealed.
Stealing was not all these hackers did, in fact, after interrogation, it was revealed that they have managed to split the stolen cryptocurrency into smaller chunks and tried to sell them through multiple transactions in the hope of not being traced. Unfortunately for them, China’s IT department is quite smart and managed to collect a large amount of data and analyzed it to find the responsible party behind the hacking. Through these means, they also managed to track down one of the prime suspects after which it became very easy for the police to grab the next two.
Before the department detained the suspects they were put under continuous surveillance. The investigation is far from over revealed to the police.
The increasing cybercrime has become one of the major concerns of the authorities of China. Increasing reports of crypto-related crimes have left China’s police stunned. With no regulation what so ever on the cryptocurrency, this problem seems to be a never-ending string of incidents.