The Financial Express
Local media outlets reported that on January 1, an attacker forced open a crypto investor’s wallet using his facial ID and transferred $4.1 million to his own address in China, as reported by Cryptoslate.
According to Cryptoslate, the assailant found the investor at an event hosted on-site for cryptocurrency investors. Following the incident, the assailant followed the investor to the parking lot and restrained him there. The attacker then forcibly unlocked the investor’s phone and cryptocurrency wallet using facial recognition technology.
Cryptoslate noted that the attacker transferred the entire sum of 4.1 million Tether (USDT) to his own wallet after converting the investor’s funds to Tether (USDT). The attacker left the crime scene once the transfer was finished. The investor approached the legal authorities right away.
Based on these legal frameworks, the attacker is still regarded as a thief even though cryptocurrency is illegal in China. The attacker will receive one of two sentences from the prosecutors: two years in prison and a $877,40 (6,000 Chinese Yuan) fine, or two years in prison and a $1,462.33 (10,000 Chinese Yuan) fine.
(With insights from Cryptoslate)
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