Hacker Stole $6.7m from Dead CEO’s Crypto Wallets

Source: Mehaniq41/Adobe

A South Korean hacker stole $6.7 million from crypto wallets belonging to the deceased CEO of a enterprise empire that included the crypto exchanges Korbit and Bitstamp.

Yonhap reported {that a} department of the District Court in Eastern Seoul sentenced an unnamed 39-year-old man to 6 years in jail after discovering him responsible of hacking the wallets of the NXC founder Kim Jeong-ju. Kim died earlier this 12 months on the age of 54. The hacker was additionally fined $89,000.

Kim’s enterprise empire included the South Korean gaming large Nexon, which is listed on the Tokyo Stock Exchange. A eager crypto advocate, Kim additionally oversaw the acquisition of Korbit. The platform is South Korea’s first crypto change – and remains to be considered one of its largest. He additionally purchased Europe’s oldest crypto buying and selling platform, Bitstamp.

In addition to his enterprise actions, Kim was additionally an avid non-public crypto investor, and had constructed up a portfolio of cash that included bitcoin (BTC), ethereum (ETH), and altcoin holdings. The courtroom heard that he saved his cash in wallets hosted on the Korbit platform.

Upon Kim’s loss of life, the hacker, the courtroom heard, cloned Kim’s SIM playing cards. The hacker then used the cloned SIM to entry Kim’s wallets on Korbit – and managed to siphon BTC, ETH, and altcoins from the wallets on “greater than 27 events.”

$6.7m Hacker ‘Had Gangland Help’

The courtroom additionally ordered the hacker to pay again the overall quantity of $6.7 million to “three candidates” – regarded as members of Kim’s property.

However, an official from the prosecution was quoted as conceding that “the damages” from the raids on Kim’s wallets “haven’t but been totally recovered.”

The courtroom additionally heard that the hacker had labored with “gangland” accomplices. These people, the courtroom heard, supplied the hacker with tips about SIM cloning methods.

Kim, who had been struggling from melancholy, died abruptly whereas on trip in Hawaii in February. At the time of his loss of life, he was South Korea’s third-richest particular person, and had an estimated internet price of round $10.7 billion.


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