Crypto scam in Israel is no newer. This time again it is Eliyahu Gigi, an Israeli hacker who has allegedly stolen $1.7 million worth of cryptocurrencies. He is now in the hands of Israeli authorities.

Adv. Yeela Harel from the cyber department in the State Attorney’s Office filed an indictment against the accused. The indictment said he committed offenses under the nation’s Computer Law, theft, fraud, forgery, and money laundering. Gigi operated a criminal enterprise involving numerous websites that facilitate illicit activities. It generated huge profits for him. He planted a vast array of crypto-stealing malware on various websites. The malicious software ended up on the computers of victims, stealing their crypto assets as well as other sensitive financial information.

The scammer allegedly used sophisticated remote servers so as to cover the tracks of his criminal enterprise. He also made use of various cryptocurrency mixers to conceal both the source and destination of the digital currencies before transferring the cryptos into various wallets.

The accused was arrested in June together with his younger brother, a 22-year-old demobilized soldier for stealing $100 million worth cryptos.