China: Bitcoin Heist Attackers Steal $87 Million, Country’s Largest Crypto-Theft

Chinese police have arrested three men in connection with a massive $87 million theft worth of Bitcoin after suspicions of the trio’s hacking into local computer networks came to light, according to local news outlet SCMP. Busted! The crime occurred in China’s northwestern province, away from prominent commercial centers like Shanghai and Beijing. Despite the Chinese governments’ crackdown on digital assets, a minority of the country’s populace continues to dabble in the world’s most volatile asset class–some with nefarious outlooks. Officers from the Xian district, where the crime was unearthed, stated the case formed China’s largest-ever theft involving cryptocurrencies, eclipsing several smaller instances not exceeding $5 million. The case kicked off in March when local authorities were notified of a possible hacking network in the city after a man complained his bitcoins and ether worth 100 million yuan, or $14.5 million at the time, were stolen from his computer.

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