Chinese programmer arrested for Bitcoin Theft

This weekend, it has been reported on China Central Television that Henan Police has opened an investigation regarding Bitcoin holdings that have been stolen from a bitcoin wallet.

A professional investor, named Wu is reported to have lost around 188 Bitcoins on July this year. Those coins valued 3.4 million CNY at that particular time. The investor has entered this virtual currency world in 2016 when he was invited in a  group of Bitcoin traders.

He told the police that the one leading the group posted very often links to cryptocurrency websites or exchanges and that maybe those exchanges were hacked by another group. He expressed his concern to Dai, the group moderator, and advised him to increase the security by giving him some safety tips. That was the moment when the problems began. Wu got a link to an app so that he could have a new wallet address for Bitcoin. That link to the application was sent to him by the group moderator.

The investor transferred all his Bitcoin holdings into the new wallet after the download of the application.

Only after one week he noticed every coin he has has vanished into thin air.

He complained to Dai, the moderator that all his holdings were missing, but the only thing Dai did was to send him ¥120,000 as a mean of consolation.

That was the moment when Wu decided to call the police because it was a bit odd  that a stranger would give such an enormous amount of money to a stranger for no particular reason.

On August, the moderator was arrested when the investigation was done and all the evidences pointed him. After an interogation, he confessed he was guilty and all his accounts were freezed and the money recovered.

This was a very common issue this past year, the hacking and security regarding problems. Every exchange, or virtual wallets website is advised to increase its security system and revise it once every six months.