$87 Million Case: The Biggest Cryptocurrency Heist in China
Chinese police reported that three men have been arrested after hacking into multiple computers and redirecting around $87M in crypto to their own accounts. This is the first criminal case in Shaanxi regarding virtual currency, according to authorities. The case was reported in March by a Xian resident who has lost cryptocurrency worth more than 100M yuan.
The three hackers transferred the BTC and ETH in a number of small transactions to make it more challenging to trace. On top of that, they only traded in little amounts to avoid suspicion by the buyers.
The Chinese police, with the help of internet companies, were able to track the hackers’ activity by analyzing more than 30,000 transactions. Finally, they arrested the first suspect, Zhou, a resident of Hunan. Two months later, two more suspects from Jilin and Beijing respectively where identified and arrested.
As big as the case is, it is not the first in China. In fact, Guangdong police arrested 540 involved in Bitcoin scam through online gambling. The police found $1.5 billion in BTC that were the result of the long-term scam operation. The police also confiscated mobile devices, PCs, bank cards, and servers.
This case involved over seventy gambling apps and websites, and tens of gangs. The gangs exploited these gambling platforms while the World Cup 2018 was going on.
This is a time where hackers exploit every single chance to get cryptocurrency. In 2018, a report issued to raise awareness and give guidelines for people to secure their accounts stated that the top three countries where cryptocurrency hackers execute their activities the USA, Russia, and China.