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Chinese Engineer Arrested for Stealing 100 Bitcoin From His Own Company – Security Bitcoin News

Chinese Engineer Arrested for Stealing 100 Bitcoin From His Own Company

Chinese Engineer Arrested for Stealing 100 Bitcoin From His Own Company
Who Watches the Watchmen? An engineer from Beijing has been arrested after allegedly discovering a failed hacking attempt to his company and taking advantage of the situation to steal some of the money for himself. 90% of the loot has been returned but he can still go to jail for as much as seven years.
Also Read: Interest in Bitcoin and Cryptocurrency Jobs Peaked in December 2017

An Inside Job

Chinese Engineer Arrested for Stealing 100 Bitcoin From His Own Company Zhong Mo, a technical school company employee, allegedly used his position to steal 100 bitcoins from his employer. The Haidian police recently confirmed his arrest for the crime of illegally acquiring computer data. Haidian is the area where most universities are located in Beijing and contains the Zhongguancun electronics zone where many technical school companies have their chinese headquarters, locally known as “ China ’ south Silicon Valley. ”

The prosecutors of the Science and Technology Criminal Investigation Department of Haidian investigated the casing and found that the accused was an operation and alimony engineer of a technology company. The claims are that during a routine care of the company ’ sulfur waiter, he found out that person tried to steal the company ’ randomness cryptocurrency by hacking, but failed. After eliminating the abnormal hindrance, the mastermind used his administrator ’ s assurance to log in to the server himself and insert a piece of code to transfer 100 bitcoins from the company ’ randomness holdings to his own account registered on a web site external China. He besides tried to eliminate traces of the act, taking steps to avoid trailing .

The Thief Falls Victim to Another Crime

Chinese Engineer Arrested for Stealing 100 Bitcoin From His Own Company After losing 10 bitcoins to a phishing victimize and obviously getting cold feet, the employee returned the remaining 90 bitcoins to the company. According to the central rate at the time of the incident, September 16, 2017, 100 bitcoins were worth about $ 380,000. local reports call that this is the first gear case of bitcoin larceny handled by the patrol in Beijing .
The prosecutor in the shell said that according to China ’ s Criminal Law, violating express regulations regarding data stored in a computer system, the employee can be sentenced to imprisonment of no more than three years, but if the circumstances are found to be particularly dangerous he can face up to seven years in prison, plus a fine .
Earlier in 2017 another chinese citizen was arrested for stealing bitcoins. The programmer was arrested in Shanghai for an alleged larceny of ¥20 million ( about $ 3 million ) .
How should companies guard against employees taking advantage of access to their bitcoin wallets? Tell us in the comments section below.

Images courtesy of Shutterstock .
Do you like to research and read about Bitcoin technology ? Check out Bitcoin.com ’ s Wiki page for an in-depth look at Bitcoin ’ s advanced engineering and concern history .
avi@bitcoin.com'

Avi Mizrahi

An economist and fiscal writer, Avi has been covering Bitcoin since 2013. routinely talks about the promise of cryptocurrency at conferences around the world.

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