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Three Arrested Over $5 Million Crypto Theft in Bulgaria

Three Arrested Over $5 Million Crypto Theft in Bulgaria

It’s yet another time to report about a crypto theft that took place for several months with Bulgaria as the playing ground. According to a press statement from the prosecution office working in conjunction with the ministry of interior, Bulgarian police are holding three people in connection with a $5 million crypto theft.

The cryptocurrency sector has been mannered with hackers and scammers stealing millions from people. According to CipherTrace a security and blockchain research firm this year alone cybercriminals have stolen crypto worth $927 million in the first nine months. The figure represents a 250% rise from last year’s figure.

Evidence in Police Hands

Back to Bulgaria to arrive at this moment, the Bulgarian police had launched investigations into the trio back in June, and it’s high time their efforts bore fruits. During the arrest, the police seized $3 million in digital data, but the remaining $2 million is missing. Police also got flash drives, hard drives, computers, and notebooks from the three. On further scrutinizing the latter piece of evidence, police discovered it contained both real and fake names and accounts used for stealing virtual currency.

Furthermore, the police also seized a car belonging to one of the three bought using proceeds of stolen cryptocurrency. The vehicle is worth $34,800. To succeed in their activities, the suspects used sophisticated software. On top of the software, the suspects are quite conversant in trading virtual currency. Of the three one of them has his bail set at $29,000 which is BGN 50,000 but the rest are in custody.

Crypto in the Hands of Bulgaria Government Continues Rising

With the current arrest, the number of Bitcoins seized from suspects that is in the hands of the Bulgarian government continues to rise. As of 2017, it’s believed the government was seating on 213,000 BTC worth $800,000 million per current prices. But when Bitcoin was trading at its all-time high in December 2017, the BTC stash was worth $4.25 billion. The Bulgarian stash is even higher than that made from arrests in the US, but the question is what is the Bulgaria government planning to do with the coins? For the US it’s auctioning BTC seized from cybercriminals, but for Bulgaria, no one knows the government’s plans.

As the cryptocurrency industry continues to evolve cybercriminals are also evolving with it and are still devising new ways to steal from people. Apart from hacking they are now injecting malware on their victim’s computers to mine crypto.