The Chinese Law enforcement agency has arrested a team of “highly experienced” hackers for allegedly hacking and stealing nothing less than 600 million Yuan (which is about $87.3 million) in digital currencies alone. A local Chinese news outlet, Xinhua has reported.
The law enforcement agencies were prompted initially by a certain individual who was identified as Zhang. H reportedly filed a complaint on March 30 with local police in the northwestern region of X’ian. It was later discovered that he was a victim of the cyber theft after he revealed that his computer was hacked which consequently caused him to lose the Bitcoin (BTC), Ethereum (ETH) and other digital assets in his possession which is estimated to worth nothing less than 100 million Yuan ($14.5 million)
Previous investigations carried out by the designated team of police officers shows that the suspects had used a remote attacker to send digital assets from the complainant’s (Zhang) computer which also did not leave any trace, this is described as a “rare case,” and their level of criminal expertise seems high.
Chinese authorities were able to pull this “rare case” and put them to justice with assistance from some local internet service provider which has enabled them to identify the first suspect whose name was later discovered to be Zhou in its first three months of investigation. After identifying the whole crew of the three rogues, steps were taken to, and they were apprehended across desperate regions of China: Juan, Changchun provinces and Beijing (in no particular order).
These suspects are now being charged with several offenses including coordinating a wide range of remote attacks enterprises and that of the complainants in this case of a total of 600million Yuan (87.3 million). According to Xinhua reports, it seems that investigation continues and attempts are made to recover more pieces of evidence which will help this case when the suspects eventually appear before a court of competent jurisdiction.
Cyber Crime Becoming Rampant in China
Judging from several happenings in the past six months, cybercrime seems to be getting even more rampant in China. It was recently reported that the Chinese police arrested about 20 individuals who were suspects of allegedly involving in crypto-jacking. These hackers reportedly infected over one million computers and garnered a staggering amount of 15 million Yuan (which is $2.2 million). This illegal act by the hackers took place for over two years before they were finally apprehended.
It is apparent that the Chinese government will not relent in its strides to ensure and maintain an enabling environment where blockchain and cryptocurrency especially can thrive. Undoubtedly one of the challenges of the cryptocurrency sector has been lack of adequate security and vulnerability off apps used for making transactions. If the government can ensure this, it would boost the efficiency of the fast-growing digital currency sector.