Bitcoin, Cryptocurrency

China’s biggest ever bitcoin theft of US$87 million in cryptocurrency

(Source: South China Morning Post) Three men have been detained on suspicion of hacking into computers and stealing about 600 million yuan (US$87 million) worth of virtual currency, police in northwest China said.

The case is the highest value cryptocurrency criminal investigation in China so far, officers in Xian told Huashang News on Saturday.

The police started investigating the case in March when a man from the city complained his computer had been hacked and 100 million yuan in bitcoin and ethereum had been stolen.

“Our bureau has not dealt with this kind of case before,” one officer told the newspaper. “It’s the first virtual currency-related case in Shaanxi.”

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After an initial investigation, police found the suspects had remotely hacked the virtual currency account.

Police tracked down the suspects after three months with the help of several Chinese internet companies and arrested the hackers two months later on August 15.

The officer also said the complex technology involved makes it easy for expert hackers to cover their tracks.  Read more report by South China Morning Post here.

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