Monday, May 10, 2021

Australian Hacker Jailed for Stealing $300,000 worth of XRP

An Australian has been sent to 2 years and 3 months imprisonment for stealing more than $300,000 worth of XRP in January 2018.

According to a report published on 11th August 2020, Nguyen was sent to jail for stealing over $300,000 in XRP two years ago.

According to Cointelegraph, the accused was first charged in October 2018 and pleaded guilty to fraud charges in August 2019.

The judge presiding over Nguyen’s case, Chris Craigie, said it was a difficult and troubling decision to send her to jail. Going by the report, Nguyen will be eligible for parole in October 2021.

How the XRP Theft Was Carried Out By the Australian National

Notably, Nguyen was one of the first persons to be charged with the stealing of digital assets in Australia. The Australian national reportedly took over the email of a 56-year-old man that bears her last name for two days and stole all his XRP holdings within this period. This theft was perpetrated by the woman at a time when the Ripple’s digital token was about to record its all-time high of $3.84.

As reported, Nguyen moved the XRP holdings to a Chinese cryptocurrency exchange. From there, she swapped the stolen XRP tokens for Bitcoin (BTC). So, in an attempt to launder the funds, she transferred the cryptocurrency to multiple wallets. 7News Sydney, a local news outlet, also reported that authorities in China managed to recover relatively $9,000 of the stolen funds.

XRP, the third-largest cryptocurrency by market capitalization, has dropped below $0.3 support level. At the time of publication, XRP is priced at $0.298063, which makes the stolen funds relatively worth $30,000 at the moment.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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