Chinese police have arrested three suspects who allegedly stole assets worth 600 million yuan ($87 million) worth of Bitcoin and other cryptocurrencies through hacking.

According to Chinese news agency Xinhua,  Police in the northern city of Xian began investigating in March when a victim surnamed Zhang complained that hackers had taken control of his computer to steal 100 million yuan (US$15 million) worth of cryptocurrency.

A task force was set up and a preliminary investigation revealed that hackers had used remote hijacking techniques to gain access and control of cryptocurrency accounts belonging to the victim – only identified as Zhang – with nearly no footprints of the crime.

The 100 million yuan haul was made up of the popular bitcoin and ether currencies. The transfer of the units provided police with a virtual trail, leading them to a suspect surnamed Zhou in the central province of Hunan. Two months later the police located and arrested the other two supposed accomplices.

The three men were further accused of a series of illegal cyber intrusion into corporation and personal networks to obtain crypto assets, worth about $87 million.

Zhou, who belongs to the central Chinese province of Hunan, is currently in custody along with his two alleged accomplices. Police across three provinces continue to work together in a still-ongoing investigation.

Despite the eye-watering value of stolen cryptocurrencies involved in the alleged theft, It remains to be seen if the value of the stolen cryptocurrencies exceeds the police’s current initial estimate.

 

Chinese Police Arrest Three Hackers Behind $87 Million Cryptocurrency Theft

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