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Chinese police nab suspects after $87 mn cryptocurrency theft

AFP  |  Beijing 

have arrested three suspects alleged to have stolen assets worth 600 million yuan ($87 million) through hacking, reported today, as cyber criminals target holders of and other virtual currencies.

Police in the northern city of began investigating in March when a victim surnamed Zhang complained that hackers had taken control of his computer to steal 100 million yuan ($15 million) worth of cryptocurrency, reported.

The 100 million yuan haul was made up of the popular and ether currencies, state agency reported.

The transfer of the units provided police with a virtual trail, said, leading them to a suspect surnamed Zhou in the central province of

Zhou's communications led to two more alleged accomplices. Altogether, the three suspects are thought to have stolen 600 million yuan by hacking the computers of individuals and companies, according to the newspaper.

The police investigation is still underway, it said, with officers in three provinces working together last week to take the suspects into custody.

In February an official Chinese publication announced plans to stamp out all remaining cryptocurrency trading in the country by blocking access to overseas-based websites and removing related applications from app stores.

The moves were outlined in a report by Financial News, a publication under the People's Bank of China, which said the aim was to snuff out the "dying cinders" of cryptocurrency trading and initial coin offerings "which are glowing once more".

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, August 19 2018. 14:15 IST
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