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Police Arrest Hackers Alleged in $87 Million Crypto Theft

Chinese police from multiple cities have arrested three individuals who allegedly stole bitcoins and other cryptocurrencies worth around $87 million.

Chinese news agency Xinhua reported on Saturday that the three were busted on Aug. 15 in Hunan, Changchun provinces, and the capital city Beijing, respectively, after a months-long investigation launched by the police.

According to the report, a self-claimed victim, identified by his surname Zhang, first filed a complaint to the police in the northwestern city Xi’an in March that his computer was hacked and lost crypto assets worth around $14.5 million.

The police investigation, with assistance from several notable but unnamed internet companies, later located a suspect with the surname Zhou, who allegedly broke into Zhang’s personal computer remotely to transfer the funds.

As the investigation went on, the police further identified Zhou’s two other accomplices, who are both alleged to be highly experienced hackers.

The police further accused the group of having conducted a series of illegal cyber intrusion into corporation and personal networks to obtain crypto assets, with an initial estimation of 600 million yuan, or about $87 million.

While the investigation is still ongoing, it is a notable case given the significant amount of cryptocurrency assets that are reportedly involved.

It also comes at a time when Chinese police have stepped efforts to crack down cyber-crimes that relate to cryptocurrency.

Previously, police in China’s Dalian city also arrested 20 suspects from a computer technology firm who allegedly used crypto mining malware to infect over a million computers and reportedly earned more than $2 million over two years.

Chinese yuan image via CoinDesk

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Posted on

Police Arrest Hackers Suspected of Stealing $87 Million in Crypto

Chinese police from multiple cities have arrested three individuals who allegedly stole bitcoins and other cryptocurrencies worth around $87 million.

Chinese news agency Xinhua reported on Saturday that the three were busted on Aug. 15 in the provinces of Hunan and Changchun and the country’s capital Beijing after a months-long investigation launched by the police.

According to the report, a self-declared victim, identified by the surname Zhang, first filed a complaint to the police in the northwestern city of Xi’an in March, alleging his computer had been hacked and crypto assets worth around $14.5 million stolen.

The police investigation, which received assistance from several unnamed internet companies, later located a suspect with the surname Zhou, who they claimed had made a remote attack to transfer the funds from Zhang’s computer.

As the investigation continued, the police further identified two alleged accomplices of Zhou that they said were highly experienced hackers.

The group was further accused of having conducted a series of illegal cyber intrusions into corporate and personal networks to obtain crypto assets initially estimated to amount to 600 million yuan, or about $87 million.

The arrests come at a time when Chinese police are stepping up efforts to crack down on cybercrimes relating to cryptocurrency.

Just a month ago, police in China’s Dalian city also arrested 20 suspects from an IT firm who allegedly used crypto mining malware to infect over a million computers and reportedly earned more than $2 million over two years.

Chinese yuan image via CoinDesk

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.