As cryptocurrency scams are on the rise, police in China have arrested suspects in connection with crypto theft that amounts to USD 87 million where cyber-criminals have targeted bitcoin holders and other digital currency users.
The total of stolen assets being reported is currently 600 million Yen, which is one of the biggest crypto theft stories coming out of China this year.
Chinese Authorities get ahold of crypto theft
One of the major issues that blight the industry is crypto theft, and with the news that Chinese authorities have arrested suspects on Sunday in connection with the theft of USD 87 million, it seems that authorities in China are winning the contest.
Police in the northern Chinese city of Xian began investigating a group of supposed crypto criminals in March when a victim came forward to report hacking crimes. The victim, known only as Zhang at this stage, made a complaint to police that a case of crypto theft had taken place amounting to 100 million Yen, which is approximately USD 15 million.
Zhang claimed that crypto hackers had taken control of his computer to steal the crypto. Most of the 100 million Yen theft was made up of bitcoin, although some other digital currencies were also stolen.
Three suspects detained in ongoing cryptocurrency investigation
The Chinese news outlet, Shaanxi Daily, has reported that the crypto theft investigation led to a virtual trail that funneled the stolen crypto to another suspect, who is named as Zhou, located in the central province of Hunan. This lead unearthed two more accomplices. The ongoing investigation uncovered that the three suspects had hacked the computers of individuals in an attempt to steal their crypto.
Since the arrest of the suspects, it has been reported that this crypto theft group has stolen more than 600 million Yen, which amounts to over USD 87 million. Police investigations on the case are ongoing, but it is being reported that officers across three provinces worked in tandem to take the suspects down.
It was reported back in February that China had planned to stamp out crypto trading across the nation by blocking access to foreign-based crypto websites in an ongoing attempt to protect Chinese crypto investors.
Crypto theft and fraud has been making the news all year long. In the past few days the Russian-based anti-virus firm, Kaspersky Labs, reported that over USD 2 million was stolen in the second quarter of 2018 by phishing scams that have tricked investors into giving away their sensitive information via spurious crypto giveaways and other fake promotions. The company also reported in July that it had averted over 100,000 possible crypto theft attempts in 2018 in a bid to tackle the plague of cryptocurrency scams and hacks.
Although crypto theft is on the rise, combined efforts by law enforcement agencies and anti-virus companies are looking to tackle the problems, although in most cases the issues can be avoided by crypto users applying common sense and protecting themselves from potential scams and attacks.
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