He stole $4 million in cryptocurrencies. And he's not a hacker

We usually write about cryptocurrency thefts by computer geniuses who manage to crack security, find loopholes and steal millions in cryptocurrencies, primarily thanks to their considerable intellectual skills. However, it seems that cryptocurrency thefts can be much less sophisticated, as demonstrated by a robber in China who stole over $4 million in cryptocurrencies in a classic heist.

Code breaking, vulnerability finding, or even multi-layered intrigues aimed at destabilizing a given cryptocurrency, a pair of tokens or the entire network - we are used to the fact that crimes in the world of cryptocurrencies are usually "crimes in white gloves". Losses are huge, but criminals are usually mathematical and IT geniuses, simply smarter than those who protect networks or even cryptocurrency exchanges.

We have practically never heard of any violence involving theft or fraud in the cryptocurrency market. It was always just a trick. By the time. However, we are entering 2023 with a bang.

Attack on a cryptocurrency investor in China

A shocking event took place on January 1, 2023 in China. Local news services describe the situation that took place in one of the car parks. The attacker was supposed to go to a meeting of cryptocurrency investors. After it ended, he followed one of the participants to the parking lot.

Before the man could get into his car, the attacker was already at his side. He forced him to hand over his mobile phone by force and threat, and then used facial recognition technology to unlock access to a cryptocurrency wallet. Thanks to this, he could quickly transfer the entire amount to his own cryptocurrency wallet. Interestingly, earlier, still on his victim's wallet, he converted all cryptocurrencies to a stablecoin Tether (USDT).

The sum of stolen funds exceeded USD 4,1 million.

Four years in prison and a fine for the thief

It is worth remembering that the legislation on cryptocurrencies in China is already well developed. Because Bitcoiny and other cryptocurrencies are considered virtual goods that can be stolen. Cryptocurrencies are also treated as computer data and as such are also protected by criminal law. Therefore, there were no problems with stating that the attacker is a thief, which is not so obvious everywhere.

Law enforcement authorities quickly established the details of the wallet holder to whom the stolen funds were transferred. The attacker was quickly identified and an arrest warrant was issued. He now faces up to four years in prison and a fine of $1462,33 ($10) Chinese yuan) or two years in prison and a fine of US$877,40 (6000 Chinese yuan). Of course, he will also have to return the stolen funds in full, with interest, which were quickly blocked.

Chinese authorities: do not brag about cryptocurrencies

However, after the whole event, the Chinese authorities issued a surprising announcement. They appealed to all investors in cryptocurrencies. They recommend them not to flaunt their wealth, and also ... not to display cryptocurrency logos.

How - according to the Chinese authorities - to protect against cryptocurrency theft? Authorities are urging people not to wear clothes with logos of famous cryptocurrencies. Especially baseball caps with the Bitcoin logo are very popular in China and, according to law enforcement, attract the attention of thieves. Jewelry with the BTC logo should also not be worn.

Investigators also appeal not to meet strangers about cryptocurrencies, especially if the meeting is organized in a remote or secluded place.