Thursday, August 13, 2020


   An Australian hacker who stole 100,000 units of the XRP cryptocurrency has been sentenced to a maximum of two years and three months in prison, local media reported.

 Kathryn Nguyen hacked into the crypto account of a 56-year-old man in January 2018. Working with an accomplice, the 25-year-old Sydney woman went on to convert the two-factor authentication code to her own mobile number.

According to the Information Age, a local publication, this allowed Nguyen to transfer ownership of the victim's XRP - valued at about $ 300,000 at the time - to a Chinese exchange where he converted the funds into bitcoin (BTC) and then transferred the coins to multiple wallets.

Nguyen was finally arrested around 2018, with Australian police confiscating his computer, cell phone and money. He was formally indicted and pleaded guilty in August 2019. Only $ 9,000 was found by the Chinese authorities.

At the time of the hack, each XRP token was trading for $ 2.84. Currently, the stolen asset is only worth $ 30,000 after XRP fell to $ 0.30. Nguyen was the first person prosecuted and jailed for cryptocurrency theft in Australia, the report said.

In the sentence handed down, Judge Chris Craigie said the crime was "out of character" for Nguyen and that "his moral judgment was distorted" at the time.

"The common thread is the offender's willingness to help others," said Craigie. "It has a different meaning in its willingness to participate and assist in criminal cases," he added.

Police investigated Nguyen for about a year following reports by the victim that he had been locked out of his account. However, "the reporting rate for cyber-related crimes (in Australia) is very low," police said.

According to Ciphertrace, losses from cryptocurrency theft, hacking, and fraud totaled more than $ 1.4 billion between January and May 2020 alone. The crypto intelligence firm predicts the number will increase to $ 4.5 billion by the end of the year.

  What do you think about Kathryn Nguyen's crypto theft and ultimately sentencing? Let us know in the comments section below.

No comments:

Post a Comment