The police in New South Wales arrested a 23-year-old woman in connection with a theft case involving over $ 450,000 of Ripple's cryptocurrency. The theft incident occurred in January when 100,000 XRPs were illegally removed from an encrypted owner's online wallet.
Details of the alleged theft of XRP cryptocurrency
In January, a cryptocurrency owner reported a violation of his e-mail account to the New South Wales police command. According to the victim, the attack took place in December and temporarily lost access to his e-mail account in January. Upon resuming access, the victim realized that hackers also had access to his cryptocurrency portfolio. 100,000 XRP units were missing from its e-wallet, leaving it with a near-zero balance.
The state police immediately began the investigation, establishing a team – Strike Force Rostrevor to handle the case. After months of investigation, the Strike Force Rostrevor, armed with a search warrant, searched a woman's home in Epping and arrested her in connection with the theft.
The state police states that the woman along with other accomplices has obtained illegal access to the victim's e-mail, changed the password and the authentication phone number. The suspect then had access to the victim's e-wallet and transferred over 100,000 XRPs to a cryptocurrency exchange based in China.
Second news.com.authe suspect has been released on bail and will appear before a local court on November 19, 2018.
Following the details of this theft, the cybercrime division of the state police advised people to pay particular attention to email accounts because they contain private information. Information that in the wrong hands can compromise their financial and personal well-being.
At the time of the theft, the 100,000 XRP units were valued at $ 450,000.
The growing tide of cryptocurrency theft
Several reports have emerged in recent months citing figures from $ 500 million to $ 1 billion in virtual currencies stolen from cryptocurrency operators. The CoinCheck and Zaif hacks are among the leading incidents of theft this year.
But beyond the cryptocurrency trade, retail investors and individual encryption holders are also targeted by hackers. Ethereum World News recently reported a group of hackers who met on the online gaming platform Call of Duty. The group reportedly stole a minimum value of $ 3.3 million in virtual currencies from victims, including Augur employees and investors.
To combat this security problem, cryptographic exchanges and security companies are investing in institutional-level storage solutions. But these custody facilities satisfy large investors. So, who is looking for the little guy?
How can people protect their cryptographic holdings against hackers? Share your thoughts with us in the comments section.
Image courtesy of businesstech.co.za