Chinese Police Apprehend Hackers in Alleged $87M Crypto Theft

Concerted operations by Chinese police from various cities have yielded the apprehension of three individuals who are purportedly involved in the theft of Bitcoins and other cryptocurrencies amounting about $87 million.

According to an August 18 report by Chinese news agency Xinhua, the three were arrested last August 15 in the provinces of Hunan and Changchun and the city capital of Beijing after months of investigations initiated by the police.

Xinhua reports that a victim, identified only through his surname Zhang, initially filed a complaint in March to the police in the northwestern city of Xi’an. The victim alleged that his computer was hacked while crypto assets amounting to about $14.5 million were stolen.

With the help of several unnamed internet companies, the police investigation later located a suspect identified only as Zhou, whom authorities claimed executed a remote attack to move funds from Zhang’s computer.

With the continuation of the investigation, police eventually identified two of Zhou’s alleged accomplices adding that the two were highly experienced hackers.

In addition, the trio was also accused of conducting a series of illicit cyber intrusions against corporate and personal networks in order to acquire crypto assets amounting to 600 million yuan or roughly $87 million.

The apprehensions came in the wake of Chinese police’s attempts to intensify the crackdown against crypto-related cybercrimes.

Last month, police in the Chinese city of Dalian also apprehended 20 suspects from an IT firm who purportedly spread crypto mining malware to infect more than a million computers and allegedly profited over $2 million in the course of two years.