$4.1 M stolen by Chinese Criminal from Victim’s Car

The victim was attending a gathering of crypto investors.
The attacker restrained him in the parking lot and made him transfer $4.1 million to his wallet.
A warrant has been issued; further investigation is going on.

There have been events of robbery and stealing from the start of time. People have been robbed of their valuables by thieves and criminals for ages. With the advent of crypto and digital currency, it was assumed that there would be a drop in such cases, but recently a Chinese man was robbed of $4.1 million of crypto in a car park on January 1, 2023.

Using Facial ID

As the local news outlets reported, the attacker forced the victim into using his facial ID to transfer $4.1 million to his own address.

The attack occurred in the event’s parking lot, where a gathering of crypto investors was hosted. Post the event, the attacker followed the victim to his car, restrained him, and forced him to unlock his crypto wallet through facial ID and transfer the amount.

The victim was told to convert his assets to Tether (USDT), and the total amount of 4.1 million USDT was transferred into his account. The attacker fled the scene when the transfer was completed.

The victim immediately contacted the authorities to report the incident.

The legal framework of China recognizes BTC as a “specific virtual commodity.” Implying that Bitcoin possesses value and could be stolen. The technical factors related to the world’s leading cryptocurrency also place it in the realm of “valuable computer data.” And this makes it fall under the range of Computer Information Systems protected by Criminal Law.

Although crypto is banned in China, the associated legal framework does mean that the attacker will be considered a thief and would be treated as such.

An arrest warrant was issued in the name of the attacker, which would either sentence him to four years in imprisonment along with a fine of $1,462.33, which amounts to (10,000 Chinese Yuan) or jail of two years along with a fine of $877.40 (6,000 Chinese Yuan).

While referring to this event, authorities have cautioned crypto investors from showing off their wealth or wearing coin logos, as this could draw unwanted attention. Also, avoid going to remote places or meeting strange people in the name of the crypto community.

Digital conversion of transactions, although limited in the possibility of being robbed but sadly could not eliminate the whole scenario. As with normal cash, it is advised to keep it safe and avoid its public display. The same principle sticks with cryptocurrency.

To keep it safe, keep a major part of crypto assets in physical cold wallets and avoid holding huge amounts in online hot wallets. Use extra secure multi-layer authentication protocols. Keep your loved ones and friends in the loop about your travel and attendance at an event.

Use safety features such as SOS, buzzers or any related thing that, if not able to ward off the attacker, at least could help your emergency contacts reach you in time.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing