Key Takeaways:
- 4.1 million dollars’ worth of cryptocurrency from a victim’s car was stolen by a Chinese thief, who has since been apprehended.
- The attacker unlocked the investor’s wallet using facial recognition technology and transferred the money to his own address.
It’s hardly surprising anymore that cryptocurrencies are in the news often; some people discuss how technology is advancing while others express alarm over the number of scams and breaches that are occurring in the space.
The most recent instance in China is a perfect example of how cryptocurrency fraud is on the upswing. A Chinese thief has been detained after he stole cryptocurrency valued at $4.1 million from a victim’s automobile.
The victim reported the loss of their cryptocurrency wallet, which included significant sums of digital cash, to the police in January 2020. The estimated value of the stolen cryptocurrency, which included Bitcoin, Ethereum, and Litecoin, was 4.1 million dollars.
The perpetrator found the investor at an event sponsored on-site for cryptocurrency investors. Following the incident, the intruder pursued the investor to the parking lot and restrained him there. The attacker then forcibly unlocked the investor’s phone and cryptocurrency wallet using facial recognition technology.
According to authorities, this particular incident should serve as a serious reminder to anyone who keeps their digital assets in their cars or any other unsecure locations that are simple targets for thieves. People must make sure their wallets are adequately secured with strong passwords and PIN codes in order to avoid becoming victims of thefts such as this one in China.
As a “particular virtual commodity,” which suggests that it has value attributes and is vulnerable to theft, Bitcoin is recognised under Chinese legal frameworks. Additionally, because of its fundamental technological characteristics, crypto is classified as “important computer data” and as such is covered by the legal protections afforded to computer information systems.
The use of advanced techniques by thieves to steal cryptocurrency, including the use of fraudulent identification cards or even getting into someone’s home or vehicle, is frightening and is surely highlighted by this incident.
China has taken the initiative to rid the cryptocurrency industry of fraudsters. For allegedly utilising bitcoin to launder 12 billion yuan (US$1.7 billion) for both domestic and international criminal organisations, Chinese police recently detained 63 persons. According to the official statement, the investigation into money laundering began after a local bank experienced an unsettling rise in deposits totaling more than 10 million yuan.
