Hackers In China Who Stole Over 600 Million Yuan Busted

Aug 20, 2018 at 13:14 Update Date :Aug 20, 2018 at 13:14 UTC

Three Individuals based in multiple cities across China have been arrested by the local police for having allegedly stolen Bitcoins and several other digital currencies. The total value of the theft amounts to about $87 million.

Reports from Chinese news agencies have said that the three were arrested on 15 August. After the investigation launched by that police that lasted several days  , the individuals were busted in Changchun, Hunan, and the capital Beijing City.

According to the reports, the victim, who identified himself just by his surname Zhang, was the first to place a complaint to the police, back in March from the northwestern city of Xi’an. He claimed that his computer had been hacked, and he had been robbed of crypto assets worth approximately $14.5 million.

The police later managed to locate a suspect, identified by the surname Zhou. Zhou was suspected to have hacked into Zhang’s private computer to rob him of his digital funds.

Further investigation led to the police in identifying and locating two of the Zhou’s accomplices. Both of them have been reported to be highly skilled hackers.

The group has also been charged by the police of conducting a number of illegal cyber forays into several corporate and personal networks to loot secure assets. The total valuation of their theft has amounted to 600 million yuan or about 87 million USD.

The investigation is still in process, and the police are still trying to recover the significantly huge number of crypto assets that have been reported stolen.

This news also arrives at a time when the police in China have stopped up their efforts to put a stop to all kinds of cyber-crimes that pertain to digital currencies.

A while earlier, the Chinese city of Dalian had also seen 20 individuals busted from a computer tech company by the local police. They had allegedly made use of token mining malware to send out viruses to more than a million computers. According to reports, the suspects had managed to rake in over $2 million over a period of two years.

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