Australian Woman Jailed Two Years for Stealing $300,000 Worth of XRP

Australian Woman Jailed Two Years for Stealing $300,000 Worth of XRP

An Australian hacker who stole 100,000 devices of the XRP cryptocurrency has been sentenced to a most of 2 years and 3 months in prison, native media reported.

Kathryn Nguyen hacked the crypto account of a 56-year outdated guy in January 2018. Running with an partner, the 25-year-old Sydney girl proceeded to switch the two-factor authentication code to her personal cell phone quantity.

In step with Knowledge Age, a neighborhood e-newsletter, this allowed Nguyen to switch the sufferer’s XRP holdings – price round $300,000 on the time – onto a Chinese language trade the place she transformed the finances to bitcoin (BTC) and later moved the cash into a number of wallets.

Nguyen used to be ultimately arrested someday in 2018, with the Australian police seizing her pc, cell phones and cash. She used to be formally charged and pleaded accountable in August 2019. Handiest $nine,000 used to be recovered via Chinese language government.

On the time of the hack, each and every XRP token traded for $2.84. Lately, the stolen belongings are price simply $30,000 following XRP’s crash to $zero.30. Nguyen is the primary individual to be charged and jailed for cryptocurrency robbery in Australia, the file stated.

In passing sentence, Pass judgement on Chris Craigie stated the crime used to be “out of personality” for Nguyen and that her “ethical judgment used to be distorted” on the time.

“A commonplace thread used to be the wrongdoer’s willingness to lend a hand others,” Craigie mentioned. “This takes on a distinct which means in her willingly collaborating and aiding in a legal undertaking,” he added.

Police investigated Nguyen for approximately a 12 months following a file via the sufferer that he have been locked out of his account. On the other hand, “the reporting charge for cyber-related crimes (in Australia) could be very low,” police stated.

In step with Ciphertrace, loss from cryptocurrency robbery, hacks, and fraud amounted to greater than $1.four billion between Jan. to Might 2020 on my own. The crypto intelligence company expects the quantity to upward push to $four.five billion via year-end.

What do you take into accounts Kathryn Nguyen’s crypto robbery and ultimately sentencing? Tell us within the feedback segment beneath.

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