Dubai Employee Caught Stealing Cryptos

An employee of a Dubai-based tdigital currency trading company was caught stealing Dh 800,000 (approximately $200,000 USD) worth of cryptos. The theft was carried out through making fake accounts. The entire process allegedly happened smoothly due to the company’s “careless” security protocol.
As reported by Khaleej Times, several transactions which did not match up with the system records had been identified.  The employee in question had reportedly been able to take advantage of his senior position without causing any suspicions due to the fact that all technical staff were using the administrator username.
The Khaleej Times also gave a detailed account of how the suspect carried out the entire crime: “He would convert a small percentage of the currency being traded on the platform. Then, he would enter the database platform and upload false information into fake virtual accounts to convert the currency to his own account and other cryptocurrency trading platforms.”
Upon finding the discrepancies, the company filed a complaint with the Expertise and Disputes Settlement Department- a division of Dubai’s Ruler’s court that focuses in dispute resolution. The department then enlisted the help of an expert to “determine the extent of the fraud and the damages incurred by the company.”
According to the company, they had no previous experience which would have led them to doubt the integrity of the still unnamed employee. They also said he was developing the trading platform and was well respected within the company.

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