According to the Dubai-based newspaper Khaleej Times, a cryptocurrency trading platform in the city captured its own employee stealing cryptocurrency for his personal account.
use. Both the company and the convict have been kept anonymous throughout history.
The man was an expert in the management of trading systems, that is why he deceived the software responsible for keeping track of cryptocurrency transactions by various traders.
He would convert a small percentage of the money exchanged on the platform. Then he would enter the database platform and download false information into the fake virtual accounts to convert the currency into his own account and other cryptocurrency trading platforms.
The employer had no reason to suspect the employee since he had himself developed the cryptocurrency trading platform and earned laurels for it.
Initially, the company realized that cryptocurrency transactions were inconsistent and did not match system records. But they could not find the criminal because their security system was defective and the entire team was using the administrator account to access the website. He was slowly accumulating the converted amount and was taken with more details on his personal computer. He had used fake user names and accounts by interacting with users (potential buyers) online. He wanted to buy a house from the stolen 800,000 Dhs (about $ 0.2 million), but his dreams were reduced when the company sued him.
The information was collected by the Department of Expertise and Dispute Resolution of Dubai Court, which had hired an expert to "determine the extent of fraud and damages suffered by the company. "
Position of the UAE on Cryptocurrencies
Last year, the UAE's Central Bank warned people against the use of cryptocurrencies because of risks and phishing scams. Although the country has not yet regulated or banned digital currencies, it has not been recognized as a legal payment method either. Financial regulators have also warned users who planned to invest in OICs against potentially dangerous and misleading projects – they even said investors were at their own risk.
Bitcoin and ICO are becoming more and more of a topic of interest in the country. According to Google Trends, the UAE is one of the top 10 countries to have the highest interest rate in Bitcoin by region.
Image from Shutterstock.
Follow us on Telegram.
Advertising