Chinese criminal steals $4.1M in crypto from victim’s car Chinese criminal steals $4.1M in crypto from victim’s car
The attacker used the investor's facial ID to unlock his wallet and transferred the funds to his own address.
1 min read
Updated: Jan. 7, 2023 at 12:17 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
An attacker used a crypto investor’s facial ID to unlock his wallet by force and transferred $4.1 million to his own address in China on Jan.1, as reported by local news outlets.
The attacker located the investor in an on-site gathering hosted for crypto investors. After the event, the attacker followed the investor to the car park and restrained him in his car. Then, the attacker forcibly used the investor’s facial recognition to unlock his phone and crypto wallet.
After converting the investor’s funds to Tether (USDT), the attacker transferred the total amount to his own wallet, which added up to 4.1 million USDT.
Once the transfer was completed, the attacker left the crime scene. The investor immediately applied to the legal authorities.
Legal action
Chinese legal frameworks recognize Bitcoin as a “specific virtual commodity,” which implies that it has valuable properties and can be subject to theft. Moreover, the essential technical attributes of crypto also place it as “valuable computer data,” which falls under the scope of a computer information system protected by criminal law.
Based on these legal frameworks, while crypto is banned in China, the attacker is still considered a thief. The prosecutors released an arrest warrant for the attacker and will sentence him to either four years in prison and a $1,462.33 (10,000 Chinese Yuan) fine or two years in jail and an $877,40 (6,000 Chinese Yuan) fine.
Referring to this case, Chinese law enforcement warned crypto investors against flaunting their wealth, wearing coin logos to draw attention, and going to remote places to meet strangers.
Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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