- Telecommunications Giant Vodafone Leaves the Libra Association
- Group of Central Banks Assesses Developing Central Bank Digital Currencies
- South Korea Might Impose 20 Percent Tax on Cryptocurrency Profits
- Report: Terrorists Increasingly Use Crypto to Raise Funds Anonymously
- Canadian Securities Administrators Subject Crypto Exchanges to Securities Laws
Blockchain technology is especially known for its transparency, security, and convenience. Stemming from the high level of security practiced in different blockchain platforms, it is surprising to hear how crypto users are being defrauded of their hard-earned digital coins.
To that end, it’s important to remember that although this technology is built with an incredible level of security, the owner of a cryptocurrency wallet might be anyone with the private key and security information of the wallet. Should this vital information leaks out to a stranger, that stranger can automatically gain uninterrupted access to the wallet. This is the reason why crypto users can be defrauded with relative ease.
And that is the case reported by a local Israeli news outlet today, where a man reportedly stole DASH currency worth $9 million from his friend (maybe not so much anymore) by collecting vital details from the victim’s computer. The report states that the suspect, Afek Zard, is more like a cryptocurrency student and a buddy of the victim, Alexei Yarmenko.
Yarmenko is one of the early adopters of cryptocurrency. He started accumulating crypto coins as early as 2013. no wonder he is in possession of 1% of the total DASH coins in circulation. The victim appears to be both a friend and mentor to the suspect. The news outlet reports that he encouraged Zard to get into cryptocurrency and taught him all he has to know to navigate his way through the crypto space. Little did he know that his student is rather looking for an avenue to steal from him.
On the fateful day of the theft (March 1st precisely), Zard took the key of Yarmenko’s home and found his way in while the victim was away. Having the house to himself, he inputted the details of Yarmenko’s wallet which he stole earlier. With the correct details, he gained easy access to his friend’s wallet which held DASH coins worth millions of dollars.The indictment filed against him states that Zard parted away with 74.990.74 DASH coins. Calculating with the market value at the time of the theft ($82.5 USD per unit), these virtual coins are worth a total of $9 million US dollars.
The indictment against Zard also stated that he transferred the coins to four different wallets which are all controlled by him. He is currently arraigned for money laundering, theft in aggravated circumstances, and illegal access to a computer.
That serves him right, I must add.