Three Crypto Hackers Arrested In China, Accused Of Stealing $87 Million In Bitcoin (BTC) And Other Cryptos

Three crypto hackers, suspected of committing the most massive theft related to cryptocurrency in China, were arrested by Chinese police after a coordinated operation in several cities, according to local press reports. The hackers stole Bitcoin (BTC) and other cryptos with a total value of 600 million yuan (about $87 million) after they hacked into people’s and companies’ computers.

According to the Chinese news agency Xinhua, the police investigation began in late March, when a citizen named Zhang went to the Xian City Public Safety Office to report that his computer had been hacked. The victim stated that in the attack he was robbed of 100 million yuan, about $15 million, in Bitcoin (BTC) and Ethereum (ETH).

With the help of several undisclosed internet companies, the investigators followed up on the transactions that led them to a suspect identified as Zhou. Subsequently, Zhou’s communications led to two alleged associates in the criminal operation.

The three cybercriminals reportedly used sophisticated computer techniques to access their victims’ computers remotely and then cover their tracks, leaving little trace of the cyber attacks. In this way, they were able to steal approximately 600 million yuan, equivalent to $87 million, in digital assets, including Bitcoin (BTC) and Ethereum (ETH), from multiple personal and business computers.

The crypto hackers arrested in China for stealing $87 million in Bitcoin (BTC) and other cryptos used sophisticated techniques to avoid detection

The local South China Morning Post noted that “the three suspects had been studying hacking technology since they were 12-13 years old and had worked for major Internet companies.

The Chinese police also reported that hackers divided the proceeds from the sale of stolen cryptocurrencies into smaller units and conducted multiple transactions in an attempt to avoid detection. This operation required the analysis of 30,000 pieces of evidence, according to the local news portal.

The suspects were arrested on August 5th during a joint and simultaneous police operation in Hunan, Changchun and Beijing provinces. The case will remain open until further investigations.

About a month ago, cybercriminals in China were hit by another blow, as the Chinese police arrested 20 people belonging to the technology firm Dalian Shengping Network Technology for spreading crypto mining malware on over one million computers. This activity brought hackers illicit profits of $2 million over the past two years.

Jackson Bey

Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.

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