As cryptocurrencies gained worldwide recognition over the last couple of years, it also attracted the attention of criminals – hackers and thieves, to be specific. Today, Chinese police in Beijing arrested three suspects who allegedly stole 600 million yuan ($87 million) worth of cryptocurrencies via hacking, according to reports by state media.
Investigations were launched by local police when rumors got out about cybercriminals targeting holders of various major digital currencies. Five months ago, police from the Xi’an province were alerted of a suspected theft when a victim named Zhang reported that hackers managed to gain unauthorized access to his computer. According to the Shaanxi Daily, the hackers eventually got away with over 100 million yuan ($15 million) worth of cryptocurrencies.
Further insights about this discovery were provided by Xinhua, a state-owned news agency. According to their report, the $15 milion theft consisted of the top two cryptocurrencies – Bitcoin and Ethereum. Shaanxi Daily also revealed that in the midst of transporting their stolen goods, the cyber thieves left a trail, which eventually led to a suspect, Zhou, in the Hunan province.
As a result, Zhou’s capture led to his two other accomplices, which helped the police unveil this $600 million scheme. Authorities were led to believe that these 3 hackers have been stealing money from various individuals and businesses by hacking into their computers. Nonetheless, local police from the Hebei, Xi’an, and Hunan provinces are still in the midst of a series of investigations about this case.
The Prevalence of Theft in the Crypto World
This incident is one of the many cases of theft that have happened in the cryptocurrency and blockchain world. Back in March, the shortage of mining equipment prompted a group of thieves in Iceland to go to extreme ends in order to obtain the required elements for their mining activities. This organized theft occurred over a two-month time span, and the combined value of all the stolen devices is allegedly worth over $2 million, according to an industry estimate.
Coincidentally enough, two months later, Icelandic police discovered evidence suggesting that the stolen equipment might be in China. According to a report by RUV, Icelandic police have launched an inquiry after receiving reports that the Chinese authorities recently confiscated 600 cryptocurrency mining computers. This incident happened in North China’s Tianjin Municipality where police raided the alleged thieves’ base and took the stolen goods after the local power grid reported abnormal electricity consumption.
Based on Chinese news network XinHuaNet, local police in Tianjin suspect that this was probably “the largest power theft case in recent years”. Further investigation shows that the junction box of the thieves’ electricity meter had been short-circuited – a common way to avoid paying for any electric bills that might arise.
In fact, this is not just any electric bill – the monstrous monthly electric bill for the running of 600 supercomputers is estimated to be hundreds of thousands of dollars.
Hackers Pose as a Threat to Major Exchanges
The dangers of an organized group of highly-skilled hackers knows no bounds. Back in January, one of Japan’s largest cryptocurrency exchanges, Coincheck, suffered what is said to be the biggest cryptocurrency heist in history. In a late-night press conference, the Tokyo-based exchange announced that about 400 million NEM tokens were lost after the hackers sent them “illicitly” out of Coincheck’s digital wallets.
Coincheck’s president Wakata Koichi Yoshihiro and chief operating officer Yusuke Otsuka estimate their losses to be around 58 billion yen (approx. $533 million). In comparison, Mt. Gox lost $340 million when they were attacked four years ago and were forced to shut down all operations because of the hack.
Just two months ago, Bithumb, the world’s sixth-largest cryptocurrency exchange, suffered a devastating hack, with the perpetrators stealing over $30 million worth of cryptocurrencies. As a result, the Seoul-based exchange had to freeze all transactions on its platform – deposits and withdrawals included – and began transferring funds to cold wallets to prevent further losses. Earlier that month, another South Korean exchange, CoinRail, was hacked for around $50 million.
Follow us on Twitter, Facebook, Steemit, and join our Telegram channel for the latest blockchain and cryptocurrency news
Ripple Price Prediction – How High will XRP reach in 2050?
Weekend in Review: SEC bans energy investor, China police arrest suspect of crypto theft, Contest winners to get iPhone X from Tron
Icelandic Thieves Steal Over 600 Cryptocurrency Mining Equipments
Ripple Price Prediction – How High will XRP Reach in 2025?
Crypto Crime Wave: Multiple Arrests Rock the Crypto Industry
Crypto Startup Crowd Machine Falls Victim To $14M Hack, Two Men Arrested
Arrests Made in $2.5 Million Turkish Crypto Theft
Big News: Ripple Price is about to TRIPLE? This News Confirms…
Japanese Cryptocurrency Exchange Hacked, $60 Million Loss Reported
South Korea’s Bithumb Hacked – $30 Million Stolen
The Big Ripple Price Prediction for 2023 – How high can the XRP price go in 2023?
Coincheck to Refund 80% of the $533 Million Lost in Crypto Theft
North Korea is Funding its Weapons Programs with Stolen Crypto and Fiat worth $2 Billion
North Korea Hacks Crypto Exchange With First-Ever macOS Malware
Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
Top Cryptocurrency-Blockchain News Of The Week in 5 Min
What Is A Cold Wallet? And Why Is It Important?
Cardano Basho: When is the next big Cardano update coming?
2 Israeli Brothers caught for Bitfinex Hack: Report
You might also like
More from Bitcoin News
Bybit Closes in Canada Amid Regulatory Shifts
Bybit announced that it would be halting its operations in Canada, effective May 31, due to recent regulatory shifts in …
Top 10 BRC-20 Tokens on Bitcoin
These tokens are gaining popularity in the crypto world due to their unique features and benefits. Here are the top …
Shift in Strategy: Russia Abandons National Cryptocurrency Exchange
Russia is backing away from the idea of developing a state-managed national cryptocurrency exchange, according to State Duma official.