Police in China detain three hackers who made away with 87 million dollars crypto

Police in China detain three hackers who made away with 87 million dollars crypto

Chinese policemen arrested three suspects said to have been involved in a hacking incident. The suspects are said to have made away with 87 million dollars worth of crypto currency. This was done to completion via hacking. The police in the northern city of Xian have been tirelessly investigating the case since March when a victim reported that the hackers were able to steal around 15 million dollars worth of crypto from his computer. This created a through pass for a track crack down.

Zhang, Cui and Zhou hit their 40th day on Wednesday last week; this is when they fell into the lion’s den and taken to custody. This incident is of record breaking in china when it comes to crypto hacks. The hackers as reported by an officer are said to have been acquainted with technology since they were of12 and 13 years. This made it easier for them to use their expertise in technology to cover and burn the bridges and make it difficult for the officers to track them down.  The hackers made multiple transactions as a means of complicating their tracks.

By using crypto forensics , the police managed to trace one of the suspects in the province of Hunan. This came after assistance by internet experts. Reports claim that the police had to analyze up to 300,000 pieces of information to track down the hackers. Despite the time it took to get the suspects, the officers could now easily track the other two. Two months later is when the other two were nabbed. The two being Cui and Zhou, caught in Beijing and Jilin province respectively. Their case is still under investigation and is expected to be taken to appear before a court of justice soon.

This is coming at a time when Chinas government has made it clear that it is not interested in cryptocurrencies due to its financial instability. It has however welcomed the development of the underlying blockchain technology. Chinese government burned crypto trading back in September and subsequently cracked down on crypto mining. In the meantime, China ‘s central bank is among the world’s first to look into sovereign cryptocurrency. In addition, china with lots of irony involved is the first country to rank crypto despite the distance it’s watching crypto from.