Virtual currencies increasing popularity around the world has made the crypto industry a playground for almost every hacker, expanding the opportunities for crypto-related crime and fraud.
A 26-year-old hacker has reportedly been arrested for phishing the data of about 165,000 people and selling them on the dark web for cryptos.
He generated about £2 million worth in cryptocurrencies selling people’s data on the dark web. The British authorities have confiscated £500,000 worth of bitcoin, while £1.5 million could not be traced.
Nonetheless, how the police were able to seize the bitcoins remain unclear.
According to the report, the hacker, Grant West, a British citizen, admitted charges which also included drug offences. He was, therefore, sentenced to ten years and eight months in prison for his crimes.
Judge Michael Gledhill gave the verdict.
“When such inadequate security is confronted with a criminal of your skills and ambition it is totally unfit for purpose and worthless. This case should be a wake-up call to customers, companies and the computer industry to the very real threat of cybercrime,” the judge said.
Judge Gledhill described the 26-year-old hacker as “a one-man cybercrime wave,” because he worked alone without a team.
He has hacked over 500 companies including popular transportation network company, Uber, to steal valuable data.
West also stole the credit and debit cards details from over 63,000 people using phishing emails, pretending to be from Just Eat takeaway from July 2015 to December 2015.
He was arrested on his way to London travelling on first class. His apartment was later raided, and it was discovered that he used his girlfriend’s laptop for his nefarious acts.
His girlfriend, Rachael Brookes, 26, from North Wales, was found with £25,000 in cash and half a kilo of cannabis, all of which were seized by the police.
While this is not the first crypto case involving a hacker, this is one of the few who have been touched by the hands of justice. And hopefully soon, all hackers in the crypto space would face the consequences of their actions.