Business & FinanceSpotlight

COD Players Steal Cryptocurrency of Worth More Than 3 Million Dollars

Cryptocurrency has seen numerous unfortunate events such as frauds, scams, thefts etc. that have marred its positive prospects and good repute. Koreans hacking group, alone, was reported to be responsible for cryptocurrency theft of million dollars. Similarly, another cryptocurrency theft of more than $3 million worth by Call of Duty (COD) players has been reported in the very recent.

Currently, two people suspected to be in the group of COD players who stole the cryptocurrency are highlighted. One of them is from Dolton while the other suspect is reported to belong to Bloomington. They both are accused of adopting a hacking scheme to successfully net cryptocurrency of million dollars worth.

Kara Haas, the founder of a firm that is devoted to CPAs and accountants, talked to the BlockPublisher while giving her take on the fraud manipulations occurring in the crypto world. She told:

Most frauds don’t start intentionally, nor large. The problem is that they normally need to grow bigger and more involved to cover prior problems, continue to keep the cycle going and avoid detection.

The case of cryptocurrency theft has been investigated by the FBI who revealed several things related to it. The Bloomington suspect told FBI that he didn’t intend to do so and was rather forced to provide assistance in the theft. He stated that he was threatened by the “SWATing”, the action of reporting fake information to prompt gathering of SWAT team at a particular address, of members of the group.

He admitted, according to the FBI affidavit, to aiding the group to take over more than 100 people. He mentioned that he was provided with the details of the victims such as the victim’s name and phone number. After taking over the phone with his help, the group of hackers accessed the control to the victim’s cryptocurrency account and stole funds from the accounts. The stolen funds from peoples’ accounts are said to be later transferred to the group’s own digital wallet as ether or bitcoin.

FBI affidavit disclosed that a San Francisco company associated with the production of cryptocurrency, Reputation Tokens, approached FBI back in 2016. FBI was informed then that the company’s employees and investors were targetted with cryptocurrency theft. Furthermore, the affidavit also reveals the chat transcripts between the Bloomington man and other group members.

The Bloomington man considers himself as a victim and claims to have not profited from any of the activity. Up till now, the suspects in the case have not been charged with any crime and it’s expected that soon in future, more insights of the case will be disclosed and clarified.

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Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Email: fatir@blockpublisher.com or contact the editor at editor.opinions@blockpublisher.com

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