Bitmain Sues Anonymous Hacker over Theft of $5.5m

One legal suit, which was recently filed with Washington's Western District's District Court at Seattle, USA, alleges that China situated Bitmain the mining giant of Bitcoin has legally charged one unknown hacker because he apparently stole $5.5m worth of crypto-currency out of Bitmain's A/C registered with Binance, seven months back.

The alleged culprit John Doe effectively compromised the Binance account of Bitmain so he could manipulate the stored BTCs in the account to artificially alter altcoin Decentral's price followed with grabbing the profits thereof.

Apparently according to the suit, the hacker obtained approximately 2.3m MANA tokens from the crypto-currency trading platform Bittrex that were subsequently utilized for aggrandizing the digital coin's value on Binance. By embezzling with the roughly 617BTC along with other digital currencies of Bitmain the accused started taking orders which he managed getting stuffed using his own MANA. Consequently, the MANA price shot up valuing some 0.00003 BTC after which it plunged to >0.00002 BTC for every token during April. Cryptoglobe.com posted this, November 11, 2018.

A certain amount of Bitmain's Bitcoins, it is reported, was utilized for purchasing ETH that then helped for buying MANA too. Subsequently, the hacker further sold his Bitcoins to acquire MANA with the aid of Bitmain's A/C, possibly for not appearing suspicious. Thereafter he was able in withdrawing his money and transferring to certain digital wallet available with Bittrex exchange.

The case is under the charge of Perkins Coie LLP., a long-time running litigation firm. According to this firm, Bitmain suffered a theft of 625 BTC, 22nd April, 2018 which occurred during the period BTC/USD valued near about $8,900. Prior to the illegal trading in April, the digital wallet of Bitmain contained about 890 Bitcoins. Following the illegal trading, there was about 265 Bitcoins left.

Perkins says Doe's activities infringe upon CFAA, 18 U.S.C.A of the federation. The lawsuit intends to do two things. One, Bitmain merely wants justice to the damages caused to it which it can get within the purview of the CFAA Act. Two, it wants to make sure the kind of treacherous behavior is appropriately penalized resulting in discouragement of the same henceforth.

» SPAMfighter News - 11/15/2018