An Israeli known as Eliyahu Gigi has been arrested for cryptocurrency theft worth $1.7 million.
Gigi, 31, allegedly robbed cryptocurrency owners of their assets in the Netherlands, Belgium and Germany. The theft was mainly of Bitcoin (BTC), Ethereum (ETH) and Dash (DASH).
Based on news attributed to Globes, a lawyer, Yeela Harel from the State’s Cyber Department filed charges against Eliyahu Gigi. Some of the charges against him were theft, money laundering and fraud.
The suit revealed that the fraudster had network of fraudulent web pages to used in phishing acts that resulted in his victims losing their crypto funds to him.
Moving Funds in Wallets
Gigi had a clever way of concealing his identity although his activities got the attention of investigators after he was reported by online forum users to be spreading links to scam sites. The lawsuit stated that he used remote systems as well as constantly changing the wallets of his stolen coins, while moving funds from wallet to wallet to cover his tracks.
Gigi was reportedly detained in June, along with his sibling, a discharged soldier even though charges against his brother has been dropped. The brothers were accused of engaging in global malware fraud, but only Gigi was charged by Harel.
Suspicious Online Activities
Initially, Gigi’s operations started looking suspicious when he was always seen posting links to fraudulent sites on a cryptocurrency forum. From the study, most of these links posted by Gigi seemed to be phishing in nature.
These sites seemed to give him access to victim’s virtual currency account which he commandeered and stole the funds in them.
Earlier, a Microsoft agent was taken into custody for supposedly making away with $10 million in cryptocurrencies. The agent known as Volodymyr Kvashuk supposedly exchanged crypto gift cards with Microsoft items.