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Sydney Women Trapped for Stealing $400,000 in XRP



Ripple XRP

It is true that the crypto world witnessed large numbers of scam cases in the last few months. However, after a long and extensive investigation, the expert team has tried to locate some of the perpetrators.

Kathryn Nguyen, a 25-year old Sydney woman is arrested for two years and three months in case of stealing 100,000 Ripple (XRP) cryptocurrency in the month of January 2018.

She along with her associate hacked and manipulated an account of the 56-old-year old man and transferred to her own mobile applications. She then exchanged a large number of those cryptocurrencies with overseas traders where it was further exchanged for bitcoins and stored it into several wallets.

The news gained limelight when Ripple coins marked at around $4 each and Nguyen, fortunately, involved over $400,000 during that time in Ripple exchange.

The reporters confirmed that last year during the investigation the police raided her home in Epping and seized her valuables including phones, money, laptops, etc. it is also said that she is the first Australian accused of crypto theft.

Chris Craigie, the present judge stated that to sentence Kathryn was not an easy decision to take as her past experience reflects her hardworking and strong personality. He further added “A common thread was the offender’s willingness to help others. This takes on a different meaning in her willingly participating and assisting in a criminal enterprise.”

He also mentioned the accused happened “out of character” and also her “moral judgment was distorted” during her hacking.

The investigation report revealed that after losing all her wealth of Bitcoin she managed her livelihood by shaping shoes and handbags. She will be presented for parole in the year 2021.

Recently in the month of June this year, the police accused a Sydney man suspected of manipulating multiple accounts to regulate their funds using Bitcoins. The offender will be sentenced for a maximum of ten years of jail if found guilty.

However, all these reports and investigations are the new hope for the crypto industry after facing so much stress. It depicts that though the scam is bigger it ultimately gets trapped.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Rupali Sinha is a journalist at Koinalert. She covers the latest news and updates related to Blockchain technology and cryptocurrencies.