A Cybercrime squad in Riot arrested a 23-year-old woman in Sydney who is believed to have stolen cryptocurrencies worth $450,000.

The woman was arrested on Thursday morning after police raided her home in Epping. During the arrest, police seized computers, mobile phones, documents and hard drives found in her possession. Police are yet to confirm whether she acted alone on the crime. The suspect is believed to have been responsible for stealing 100,000 units of Ripple that belonged to a 56-year-old man.

According to reports, the victim reported the matter to the police earlier this year in January. In his statement, the victim claimed that someone stole his cryptocurrencies after they managed to lock him out of his trading account. The 56-year-old explained that the criminal (s) locked him out of his account which had 100,000 units of Ripple worth at the time $450,000.  After countless attempts to access his accounts, the victim finally gained access to his account and discovered that his money had been transferred to a Chinese exchange where it was converted into bitcoins. The currencies were then sent to multiple electronic wallets.

Upon investigations, police discovered that an email account belonging to the victim had been hacked last year. This provided the criminal with the victim’s account. Further investigations led authorities knocking at the woman’s door.

Police Caution Investors

Arthur Katsogiannis, the cybercrime squad commander, stated that this was the first time Australian officials were charging an individual for the technology-enabled theft of cryptocurrencies. He warned investors to trade with caution as this type of crime could become the new norm.

Katsogiannis further added that to prevent such incidents, investors will have to treat their personal information like valuable commodities. He urged investors to be extra careful with their passwords, and any other account details that might be used by criminals to steal their funds.

In conclusion, the Detective Superintendent Katsogiannis stated the government in Australia and other law enforcement agencies are working to regulate cryptocurrency exchanges in the coming days.

Increased Level of criminal activities in the crypto space

Lately, there are more and more headlines on various crypto crimes like fraud, hacking and money laundering.

Recently, a study showed that money laundering in Europe had cost authorities about $ 5 billion in revenue.

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