With the change of currency from physical to virtual, there are also cases of fraud and forgery reported by people who use virtual currency. One such case has recently come into light in the USA who is charged for stealing virtual currency bitcoin. According to reports from the Department of Justice, a criminal named Joshua Polloso Epifaniou was extradited from Cyprus on charges of stealing Bitcoins. It is alleged that the person stole thousands of Bitcoins from unsuspecting victims after their account details were hacked from several sources. He is wanted for various cyber intrusion crimes in Georgia and Arizona. Apart from that, even extortion charges have been pressed against the accused.
Charges against Cyprus national
Joshua Polloso is accused of committing several frauds with regards to wire transfer and computer fraud by stealing identity. He is also accused of conspiracy to commit wire fraud and conspiracy to commit cyber fraud along with extortion charges. Along with other conspirators, the accused managed to steal personal data of victims from a New York-based hardware company and a Virginia based online employment portal. Apart from that, they also hacked into the systems of online game publishers and managed to get personal information of users in California. After successfully getting access into the systems, the team had managed to steal over $50000 in Bitcoin.
Charges of extortion
Apart from cyber fraud charges, the accused is also facing charges of extortion as he had held the database of a company and asked for a ransom of $90000. The accused managed to organize a brute force attack on the systems and captured the access to the server. Even though such cases are not new, this is good news for the cybersecurity industry as the accused is arrested and action has been taken by the authorities.
Lebanon national arrested for money laundering
Another person was also extradited on charges of money laundering and unlicensed transmission of currency. The accused Ghassan Diab belongs to Lebanon, and he had transferred currency to the tune of nearly $100000 to various people. Apart from that, he is also an alleged member of Hezbollah as indicated by the DOJ authorities. Such attacks have become regular these days, and DOJ also indicated that a cyber hacker had recently managed to sell access to various networks and gathered large sums of money. In this situation, it is essential to protect the personal information of cryptocurrency users.