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Three Suspects in China’s Biggest $87 Million Cryptocurrency Heist Arrested By Police

Three Suspects in China’s Biggest $87 Million Cryptocurrency Heist Arrested by Police

Reading Time: 2 minutes by on August 21, 2018 Altcoins, Bitcoin, Crime, News
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Chinese police have recently arrested three men for hacking and stealing 600 million yuan ($87 million) in cryptocurrencies. According to the South China Morning Post, the Xian Police officers stated on Saturday, August 18, 2018, that when it came to cryptocurrency criminal investigations in China, this was the largest number of stolen cryptocurrencies in the nation.

First Cryptocurrency-Related Case in Shaanxi

The Chinese police officers began investigating the cryptocurrency heist in March 2018. It began when a man from the city filed a complaint regarding his stolen cryptocurrency tokens. The man noted that 100 million yuan in Bitcoin and Ethereum was stolen from him.

An officer in Shaanxi commented:

“Unfortunately, our bureau has not dealt with this kind of case before. It’s the first virtual currency-related case in Shaanxi.”

The police officer also mentioned that the use of emerging complicated technologies made it difficult to quickly and easily track the hackers.

The Jakarta Post reported that the transfer of the stolen cryptocurrencies provided the Shaanxi police with a digital trail. It was, however, an extremely difficult task. The Chinese police had to analyze over 30,000 pieces of information and work with domestic internet companies before they could find the trail but once they found the trail, it led them to someone called Zhou who was located in the Central Province of Hunan.

Zhou’s trail and communication records led the Chinese police to two other accomplices. The analysis process took approximately two months before they could find Cui in Beijing and Zhang in Jilin province.

Over $87 Million in Bitcoin Stolen

The police believe the three suspects were responsible for stealing 600 million yuan by hacking into a number of companies and individuals. The police officers in three different provinces had to vigorously work together in early August to arrest the suspected hackers.

The South China Morning Post reported that the three suspects were very experienced with hacking technology and that they were interested since they were 12 and 13. Furthermore, the three hackers also had extensive corporate experience and worked for large internet companies.

The hackers apparently separated the money from the cryptocurrency heist. They broke the total amount into smaller components and underwent many transactions to cover their tracks. The police are, however, currently investigating the case.

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