Chinese Criminal Steals $4.1M in Crypto from Victim’s Car

  1. The attacker utilized the investor’s facial ID to unlock his wallet and transfer the funds to himself.
  2. The attacker transferred $4.1 million to his own wallet address.
  3. The attacker tracked down the investor at a meetup held just for cryptocurrency investors.

According to a recent tweet by CryptoNewsLand one of the trusted crypto media house, a cryptocurrency investor’s fortune was stolen when an attacker utilized the victim’s facial ID to access his digital wallet. Reports indicate that the attacker sent $4,1 million to his own personal cryptocurrency wallet.

The attacker tracked down the investor where the investor was attending a crypto event aimed for the industry’s elite. The victim, a crypto investor, was allegedly robbed while sitting in his vehicle in a parking lot, and it was later revealed that the assailant had followed him there before carrying out the robbery.

After exchanging the investor’s cash to Tether (USDT), the attacker sent the complete amount, which amounted to 4.1 million USDT, to his own wallet. Following the completion of the transfer, the offender fled the site of the crime. The investor contacted the appropriate authorities as soon as possible.

Even if the use of cryptography is prohibited in China under these legal frameworks, the perpetrator of the crime is nonetheless seen as a thief. The prosecutors have issued a warrant for the assailant’s arrest and will sentence him to either two years in prison and a fine of about $877,40 (6,000 Chinese Yuan) or four years in prison and a fine of $1,462.33 (10,000 Chinese Yuan).
In other events, a warning was issued out earlier this week by ledger concerning new Address Poisoning Scams, which investors should be wary of. Users of cryptocurrencies, and particularly ledger wallet users, are the primary targets of address poisoning.

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Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.