UK man arrested for stealing IOTA worth over $11 million

23 Jan, 2019 | Updated: 24 Jan, 2019
by David Robb
News
UK man arrested for stealing IOTA worth over $11 million

European police organization Europol recently arrested a UK national for a major crypto theft, as reported by ZDNet. He is believed to have masterminded an operation that stole over $11 million worth of IOTA.

Europol tracked down the hacker, whose nickname is 'Norbertvdberg', in a joint operation with British and German police. He is the main suspect in a case involving thefts of IOTA that dates back to January 2018.

Read more: 2018: A Bitcoin and cryptocurrency year in review

The hacker had allegedly set up a website, iotaseed.io, which was advertised as a random seed (password) generator. These passwords, used by IOTA holders for their wallets, were in fact a predictable series of numbers that he was able to keep a record of.

After running this operation for around 5 months, he began accessing wallets and stealing users' funds. This fraud activity wasn't initially detected, because of an unrelated DDoS attack targeting IOTA servers, which was taking place at the same time and keeping IOTA admins busy.

The 36 year-old, who is based in Oxford, has been arrested on charges of fraud, theft, and money laundering. He is now facing extradition to Germany to face trial.

Read more: IOTA's new partnerships: Audi and NEXT BiometricsThe 10 largest Bitcoin whale movements in history: from 66K to 500K (!) BTC

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Read more about: IOTA (IOT)

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