Australian Female Hacker Goes to Jail for Stealing XRP Worth Over $300K

A woman from Australia would be spending over two years in jail for the theft of XRP worth over $300,000 two years ago.

Kathryn Nguyen has been given a 27-month jail term because she was involved in the theft of over 100,000 XRP tokens in January 2018.

The Information Age reported today that Nguyen’s crime was stealing XRP tokens worth over $300,000 in January 2018. She was first taken to court in October 2018 and she admitted her wrongs in August 2019.

The judge, Chris Craigie, said it wasn’t easy to announce her jail term. However, he felt she may still spend less time in jail if she qualifies for parole in October next year.

First incidence of crypto fraud in Australia

There haven’t been many reported cases of crypto theft in Australia.

The story has it that Nguyen hacked a 56-year-old man’s email whose surname is the same as hers. She was in control of the account for two days during which she took away all his XRP tokens. This happened when Ripple’s price was about $3.84.

The report says Nguyen sent the Ripples to a crypto exchange based in China and got Bitcoins in place of them. She went ahead to divert the Bitcoins into many different wallets, an action that could be described as money laundering. Though attempts were made by the Chinese exchange to recover the Bitcoins, 7News Sydney says it only succeeded in getting back about $9,000.

XRP, no longer the same

At the moment, XRP tokens sell for about $0.30. If this was the price when Nguyen stole the tokens, she would only get about $30,000.

Comments (No)

Leave a Reply