Bulgarian police have arrested three hackers that reportedly stole Bitcoin worth $5 Million and they have already recovered some of the stolen cryptocurrencies.
The policer recovered Bitcoin worth $3 million out of the sum total that was stolen. They also seized a vehicle worth $34,800 which they believe one of the culprits purchased using some of the stolen digital coins. It is still not clear where the thieves took the remaining amount. The Bulgarian hackers add to the many cryptocurrency theft cases that have been reported just this year alone.
— Nvest Weekly (@NvestWeekly) November 28, 2018
The thieves managed to steal the cryptocurrencies through an elaborate hack
The Bulgarian authorities did not disclose the names of the cryptocurrency heist victims. However, they revealed that the thieves managed to pull off a sophisticated heist courtesy of their hacking skills. The police also collected additional evidence including notebooks which they reportedly used to keep track of their aliases as part of their elaborate scheme. Other items collected include hard drives, computers and flash drives.
A Bulgarian prosecutor’s office described the arrest as a major victory for the police force. They have reportedly been hunting for the hackers since June this year. Two of the three thieves have been detained while the third one was released after a $29,000 bail.
Cryptocurrency theft has been one of the major problems affecting the cryptocurrency market while also threatening digital currency adoption. Meanwhile, this is the second major burst involving cryptocurrency theft in Bulgaria. The country’s police seized 213, 519 Bitcoins in a criminal investigation dubbed PRATKA/VIRUS. However, BTCmanager reported that the seized cryptocurrencies disappeared. The operation is considered one of the most expensive Bitcoin theft cases in Bulgaria.
The ongoing call for better cryptocurrency security measures
The recent case of the three arrested Bitcoin thieves highlights the ongoing police efforts to curb cybercrime and discourage cryptocurrency theft. However, it is clear that the cryptocurrency market needs more secure systems if digital currencies will go mainstream. Reports of the Bulgarian Bitcoin theft case also come amid the U.S Securities and Exchange Commission’s (SEC) statements that exchanges should employ tighter controls.