Police detain man accused of stealing US$1.3M-worth of bitcoins in China
The suspect, who is working as a system administrator in an IT company, allegedly modified its computer applications to appropriate the virtual currency
A man accused of stealing 100 bitcoins worth US$1.3 million has been detained by the Beijing Police, following a complaint by his employer.
The suspect, who is working as a system administrator in the IT company, allegedly modified the firm’s computer applications to appropriate the virtual currency, as per some reports.
The suspect was found to have hacked the company’s password to remotely access the system. After gaining access to the company’s database, he cracked its bitcoin account password.
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He was planning to sell the bitcoins via an overseas website, but could not do so. He finally deposited them in a bitcoin wallet app, dropping 10 into its core wallet to launder them. After being caught, he repaid 90 to the company.
This is not the first bitcoin theft in China. Last December, the Henan Police launched an investigation into a complaint an investor who alleged that funds were stolen from his bitcoin wallet. According to the complainant, the investor lost 188.31 bitcoins, valued at over 3.4 million CNY (US$528,000) at the time.
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