British hacker is jailed after stealing €11 million worth of crypto

January 26, 2019
Darya Karatkevich

11 more million have been added this week to the $1 billion in thefts of crypto that occurred during last year. As a result of a joint police investigation, involving British and German authorities, a 36-year-old U.K. citizen has been arrested on fraud, theft and money laundering charges.

The cryptocurrencies (IOTA tokens) have been stolen from 85 wallets back a year ago, in January 2018. It all started in Germany, where a number of citizens have reported cryptocurrency thefts of hefty amounts. The German law enforcement tracked the crime back to the U.K., and this is where the investigation proceeded in a full swing.

According to Europol, the 36-year-old alleged hacker has created a website to lure in the victims, who were asked to put in their 81-digit security seeds for their IOTA wallets. After the seeds were created, the British hacker took them and transferred the funds to other wallets with fake IDs. The overall volume of funds stolen totaled 11 million.

The suspect was arrested in Oxford this week. Authorities were able to cease his computer, equipment and electronic devices. The investigation is underway, and there is no word yet as to whether the lost funds could be recovered.

Post written by Darya Karatkevich
Darya is a blockchain market observer with 5+ years of experience as an author and editor for major tech blogging platforms. Her fortes are blockchain technologies and solutions, cryptocurrencies and crypto-related regulations.

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