According to police, a hacker used a "social media data breach" to steal USD 660K in cryptocurrency from 90 victims
Officers in Seoul, South Korea, have detained and accused a 30-year-old man after uncovering evidence that he may have stolen USD 660,000 in cryptocurrency using information he obtained from a major social network.
The man appears to have received a big cache of personal data – including what seems to be a crypto wallet and exchange login details – that was spilled onto a channel on Naver Band, the internet giant Naver's group chat service.
Officers believe the man took tokens from more than 90 people, with one person losing more than USD 400,000.
The information appears to have been accidentally disclosed by a group admin, who appears to have unintentionally released a slew of private details in a post that went public for a brief period of time.
Over the course of five months, the guy is thought to have utilized this information to steal passwords and gain access to the group's crypto wallets. According to police, the individual began his hacking operations in January and proceeded until his arrest in mid-May, obtaining further information on his intended victims through additional internet searches on the platform and elsewhere.
Officers stormed the man's home and arrested him for interrogation, according to police, before turning the matter over to the prosecution this week.
According to the police, they took action after receiving a tip. Under the provisions of the Act on the Aggravated Punishment and Other Measures for Specific Economic Crimes, the man was charged with computer fraud offenses. The prosecution must now determine whether to indict the individual, who will face criminal charges and a formal trial.
According to police, crypto-related crime is on the rise in the country, with data released in recent days showing that about 9,000 people nationally were victims of crypto fraudsters, scam artists, and thieves last year. According to authorities, the number was only 388 in 2018.
We've seen a lot of digital fraud lately, mostly addressing cryptocurrencies, which has caused other investors to question the legitimacy of the platform they're trading on and other sources as well. As per Coingabbar's opinion, you have to “research” first and then “select” a digital asset in which you want to “invest".