Australian Woman Jailed Two Years for Stealing $300,000 Worth of XRP

An Australian hacker who stole 100,000 devices of the XRP cryptocurrency has been sentenced to a most of two years and three months in penal complex, local media reported.

Kathryn Nguyen hacked the crypto sage of a 56-twelve months oldschool man in January 2018. Working with an accomplice, the 25-twelve months-oldschool Sydney girl proceeded to change the two-element authentication code to her have cellular telephone quantity.


In response to Records Age, a neighborhood publication, this allowed Nguyen to switch the victim’s XRP holdings – value around $300,000 on the time – onto a Chinese alternate the build she transformed the funds to bitcoin (BTC) and later moved the coins into diverse wallets.

Nguyen became once finally arrested sometime in 2018, with the Australian police seizing her computer, cellphones and money. She became once formally charged and pleaded responsible in August 2019. Fully $9,000 became once recovered by Chinese authorities.

On the time of the hack, each and each XRP token traded for $2.84. On the present time, the stolen resources are value appropriate $30,000 following XRP’s smash to $0.30. Nguyen is the first particular person to be charged and jailed for cryptocurrency theft in Australia, the sage acknowledged.

In passing sentence, Mediate Chris Craigie acknowledged the crime became once “out of personality” for Nguyen and that her “quiet judgment became once distorted” on the time.

“A general thread became once the perpetrator’s willingness to encourage others,” Craigie acknowledged. “This takes on a diverse that advance in her willingly taking part and helping in a prison venture,” he added.

Police investigated Nguyen for approximately a twelve months following a sage by the victim that he had been locked out of his sage. On the opposite hand, “the reporting price for cyber-connected crimes (in Australia) is terribly low,” police acknowledged.

In response to Ciphertrace, loss from cryptocurrency theft, hacks, and fraud amounted to extra than $1.4 billion between Jan. to Could maybe seemingly 2020 alone. The crypto intelligence company expects the volume to upward thrust to $4.5 billion by twelve months-quit.

What elevate out you deem about Kathryn Nguyen’s crypto theft and finally sentencing? Enable us to understand in the feedback share below.

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