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Oxford man arrested over 10 million euros in stolen IOTA

According to reports coming from the Oxford Times, a 36 years old Oxford man has been arrested following 10 million euros in stolen IOTA.

The 10 million euros in stolen IOTA was an act carried out last year January where the English man is said to have extorted from over 85 victims via a malicious seed-generator running on iotaseed.io

The 36 years old male was arrested today by the Southern East Regional Organised Crime Unit (SEROCU) with help from police in Hesse, Germany and Europol.

According to a vidoe uploaded on SEROCU’s Twitter account, police was seen raiding a property from which they collectred drugs, cash and electronicalequipement. The man was also seen in the video being taken away by the police.

These 10 million euros in stolen IOTA was first reported to police in Hesse, Germany after residents reported that IOTA Coins had been stolen from their cryptocurrency wallets.

IOTA wallets which can be created online by generating an 81 digit seed code on many websites and wallets saw the 36 years old man insert malicious seed generator running g on iotaseed.io

However, these seeds were stored in the background by the service provided which gave the criminal access to the wallets of his victims which he later transferred to a multitude of wallets he runs.

This is just one of the few cryptocurrency related crimes we have seen in January of 2019 alone. Cryptopia, one of the most used cryptocurrency exchanges was reportedly hacked earlier this month.

Also, another crime reported by Cryptoline News which also drew much attention this week was the hack and sale of KYC data of customers on the dark web, data which was hacked from top cryptocurrency exchanges such as Poloniex, Binance and Bitfinex.

What are your thoughts on these 10 million euros in stolen IOTA? How do you think cryptocurrency investors and traders can keep their coins safe from such trickstaers?

Lets know your thoughts in the comment section below

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Cryptoline News is an independent Blockchain and Cryptocurrency news, reviews and tips platform. Send all news tips and Press Releases to [email protected]

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