News

Police Clueless Over Loss of Digital Assets Worth $500k

A 54-year-old man from New Stanton just discovered his cryptocurrency savings worth more than half a million dollars have been stolen from his wallet.

Christmas Thief?

The 54-year-old, who just discovered the anomaly this week, admitted he had not checked his wallet for months and that his virtual currencies might just have been looted by a tech-savvy Santa Claus in December.
The middle-aged man had bought some altcoins other than the popular bitcoins as he dares to place his bet on other less popular digital currencies—who says the majority of virtual holders are not speculative traders?— but has no idea which one.
When asked which cryptocurrencies he had in his wallet, he confirmed they were not Bitcoins but couldn’t remember the name of which one he had. Santa Claus looter might have gotten away since months ago, making it more difficult to trace, coupled with the strict security of cryptocurrencies which ironically makes it almost impossible to trace once that security is breached.
According to a statement from Stephen Limani, the state police are already taking the case, and are devoting all required attention to it. PSP’s computer science experts are now said to be investigating how the heist was carried out. Was it somebody local who knew the victim that stole the cryptocurrencies or was it a remote hacker, PSP is currently finding out? Although he admits tracing the perpetrator might not be easy, except, of course, the thief comes out to declare himself a stealing Santa Claus!
Limani who said the state police have dealt with cryptocurrency cases in the past suggested that the new case might be different from what they have been familiar with. Recently, he revealed that the state police had been looking into a case of a cryptocurrency scammer who lured his victims to invest in different type of cryptocurrencies, then secretly made away with their money.

Are We Losing the Battle?

The rate of crypto wallets hacks has increased significantly between this year and the last, but what is more alarming is the little success that security experts and authorities have had in apprehending the criminals. Since 2014, crypto exchanges have been subjected to major hacks, even with state of the art securities. Mt. Gox was considered one of the most secure exchanges before its hack in 2014, and many more exchanges have been hacked since then, without much success in apprehending the hackers.
One might just wonder if the flagship strength of cryptocurrencies might just be its Achilles heel.

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