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Chinese Police arrest alleged hackers for $87 Million Crypto Theft

Bitcoins and other cryptocurrencies worth around $87 million have been recently got stolen in China. An individual named Zhou and his two other accomplices had allegedly accomplished the crypto theft. Chinese police from multiple cities have arrested all the three. A complaint was lodged by Mr Zhang to the police in the northwestern city Xi’an in March about his computer being hacked.

Crypto Theft incident

The accused three hackers were busted on August 15 in Hunan, Changchun provinces, and the capital city Beijing, respectively. The news was confirmed in the Chinese news agency Xinhua on Saturday.

According to the report, this seems to be a notable case given the significant amount of cryptocurrency assets that are reportedly involved. It was only after a months-long investigation launched by the police that the hackers were arrested. Mr Zhang, a self-claimed victim in his complaint to the police mentioned that his computer was hacked and he happened to have lost crypto assets worth around $14.5 million.

Read more: Sky Mining CEO Exit Scams with $35 Million in Investor Funds.

Police Investigation

The police did investigation seeking assistance from several notable but unnamed internet companies and could successfully locate the suspect with the surname Zhou, who allegedly broke into Zhang’s personal computer remotely to transfer the funds. On further scrutiny, the police got to know that Zhou had two other accomplices and both are alleged to be highly experienced hackers. The group was further accused of having conducted a series of illegal cyber intrusion into a corporation and personal networks to obtain crypto assets. The estimation turns to around 600 million yuan, or about $87 million.

Nevertheless, the investigation is yet not over. One main reason could be the time, as recently only Chinese police have stepped into efforts that could crack down cyber-crimes that relate to cryptocurrency.

In the past, 20 suspects were arrested by the police in China’s Dalian city from a computer technology firm who allegedly used crypto mining malware to infect over a million computers. Their earnings were more than $2 million over two years.

 

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