Even though bitcoin is prohibited in China, the hack is nevertheless viewed as theft under these legal standards.
According to local media reports cited by Cryptoslate, an attacker broke into a crypto investor’s wallet on January 1 using his facial ID and moved $4.1 million to his own account in China.
According to Cryptoslate, the attacker discovered the investor during a gathering for cryptocurrency investors that was held nearby. The attacker pursued the investor to the parking lot after the event, where he held him. The attacker then used face recognition software to forcefully open the investor’s phone and bitcoin wallet.
According to Cryptoslate, the attacker converted the investor’s money into Tether and then moved the full 4.1 million Tether (USDT) to his own wallet (USDT). Once the transfer was complete, the attacker departed the site of the crime. The investor immediately contacted the appropriate authorities.
Even though bitcoin is prohibited in China, the hack is nevertheless viewed as theft under these legal standards. Prosecutors will hand down one of two punishments to the attacker: either two years in jail and a fine of $1,462.33 (10,000 Chinese Yuan) or two years in jail and a fine of $877,40 (6,000 Chinese Yuan).
