Ted Price’s $40 Million Bitcoin Heist
Digital trading exchanges and other cryptocurrency related parties have seen a massive spike in hacking attacks since the beginning of 2018. As crypto-attacks continue occurring frequently, reports have revealed that almost a whopping one billion dollars in stolen assets. 2018’s first reported theft occurred at Coincheck in Japan and resulted in over $500 million NEM coins stolen.
Ted Price of Pennsylvania was arrested by law enforcement after $40 million worth of Bitcoin was reported stolen and evidence led right to Price although the details of the follow-up events leading to his arrest were not explained.
During the investigation by authorities, Ted Price allegedly confessed to the crime, saying that he was behind the theft and malicious software that he designed was used to transfer Bitcoins into his personal account. The custom malware would intervene between ongoing transactions, transferring some of the Bitcoins back to Price. Ted went on to make further confessions, saying that he was employed by several international authorities to develop crypto-jacking software.
During his arrest, police confiscated a bag containing more than one hundred pages riddled with Bitcoin keys available to the public and easily acquired by anyone. Police then charged Price for the crime and named him the culprit.
The investigation took a turn after closer inspection of Ted Price and his background. His background check revealed a history of mental health issues and his admission to several mental health institutes. Additionally, Ted Price was revealed to be high during his confessions and still lived at home with his parents. Police were then baffled by the unusual situation and how the culprit hardly possessed any traits of a professional crypto-jacker.
Ted Price was sentenced and let go after 3 months for using a stolen card from his girlfriend’s father, claiming it was acquired through Dark Web markets. Given that no evidence could link Ted Price to the $40 million crime, authorities were forced to release the mentally unstable man after his initial three months and placed him under probation for two years.
Officials were surprised by how convincing Ted Price was, utilizing technical terms to trick authorities into thinking he was the mastermind behind the crime. The sentencing judge also proposed the question of whether Ted was cunning enough to fool authorities again.