Home » Chinese Hackers Arrested for Stealing $87 Million in Crypto

Chinese Hackers Arrested for Stealing $87 Million in Crypto

Chinese police have arrested three individuals suspected of stealing bitcoins and other cryptocurrencies worth around $87 million.
news - Chinese Hackers Arrested for Stealing $87 Million in Crypto

Chinese police have arrested three individuals suspected of stealing bitcoins and other cryptocurrencies worth around $87 million. The investigation began in March, after a self-declared victim had filed a complaint to the police, alleging his computer had been hacked and crypto assets worth around $14.5 million stolen.

The location of criminals was clarified with the help of companies that specialize in cyber security. All the detainees turned out to be experienced hackers, former employees of large IT corporations. 

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.

As a reminder, on August 13, the Chinese Communist Party (CCP) published a primer on blockchain technology and its applications. The book describes key features of the blockchain, its development history, application scenarios, as well as major challenges associated with the new technology. The primer is aimed to help government authorities to understand the distributed ledger technology (DLT) as well as to consider pros and cons of blockchain adopting on the national level.

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