Manhattan hacker steals over $1 million in crypto from the Silicon Valley executive

November 23, 2018
Chris Wheal

With the growing popularity and value of cryptocurrencies, there appear to be more and more ‘creative’ hacks involved. In a recent wave of attacks happened in 2018, Silicon Valley executives appeared to be targeted, and specifically those who had large savings in crypto.

Cryptocurrency steal

On October 26, San Francisco resident Robert Ross has noticed that his AT&T network, one of the strongest U.S. mobile networks in terms of coverage, stopped working. He immediately headed to the nearest Apple Store to fix the issue. There was nothing wrong with the phone, except for being in the middle of a hack attack. Ross didn’t realize that fast enough, so by the time he arrived to Apple Store his crypto savings have been already wiped out. A 21-year-old hacker Nicholas Truglia, resident of Manhattan, NY, has drained $1,000,000 in crypto funds from two separate accounts Ross had on Coinbase and Gemini.

It’s not clear whether it was digital or other trace Truglia left behind, but he was apprehended in his high-rise on the 42nd street in Manhattan last week. The authorities were able to recover only $300,000 out of a stolen million, and it’s still not clear where did the rest of the funds go.

Truglia has been charged on 21 felony counts and is due to appear in court. According to Erin West, the deputy district attorney of Santa Clara County in California, it’s a “whole new wave of crime.” As stated in the CoinDesk’s 2018 State of Blockchain report, Ross was far from being alone – as of June 2018, there has been over $1.6 billion of cryptocurrencies lost in separate hack attacks.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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