Three Chinese men in custody for a cryptocurrency theft of over $ 87 million

Chinese police arrested three men suspected of committing the country's largest cryptocurrant robbery – worth 600 million yuan ($ 87 million).


Theft is the largest in China: reports

While press agencies report the publication of local news Huashang News on August 19, authorities have concluded an investigation covering almost six months in three men who allegedly hacked a computer for Bitcoin and Ether.

"Our office did not deal with this type of case before," South China Morning Post quotes a police officer who tells Huashang . "It is the first case concerning virtual currency in Shaanxi."

According to Huashang the investigation behind the arrest of men – known as Zhang, Cui and Zhou – began in March, when the victim presented to report a hacking of his computer. At the time it was thought that losses amounted to 100 million yuan.

After analyzing "30,000 information" about the event and the alleged perpetrators, the arrests were carried out on Wednesday last week. Court proceedings are still ongoing.

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Disrupting The Bitcoin Criminal Narrative

The size of theft is reminiscent of a growing criminal cryptocurrency trend that is prevalent in neighboring Vietnam.

As Bitcoinist previously reported, a gigantic altcoin scam that plagued 32,000 investors at the start of this year saw the organizers take off with funds worth $ 660 million at that time . More recently in July, the CEO of a local cryptocurrency mining company suddenly disappeared and closed operations – leaving $ 35 million not counted.

While Chinese police added that the use of cryptocurrency has made their work more difficult, globally, order forces are starting to change the narrative that cryptographic assets are helping and fostering success of criminals.

In an 'interview with Bloomberg at the start of this month, Lilia Infante, an agent of the Cyber ​​Investigative Task Force at the US Drug Enforcement Administration, said that he really hopes that the malicious actors "will continue to use" Bitcoin and also the privacy-focused altcoins like Monero. "The blockchain actually provides us with many tools to be able to identify people," he revealed.

What do you think of the latest cryptocurrency theft in China? Let us know in the comments below!


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