New South Wales Police have arrested a 23-year-old woman in connection to a case of theft involving over $450,000 worth of Ripple cryptocurrency. The theft incident occurred in January when 100,000 XRP were illegally removed from the online wallet of a crypto owner.

Details of The Alleged XRP Cryptocurrency Theft

In January, a cryptocurrency owner reported a breach of his email account to New South Wales Police command. According to the victim, the hack happened in December and he temporarily lost access to his email account in January. On regaining access, the victim realized that the hackers also gained access to his cryptocurrency wallet. 100,000 XRP units were missing from his e-wallet, leaving him with a near-zero balance.

The state police immediately commenced investigations, establishing a team – Strike Force Rostrevor to handle the case. Following months of investigation, the Strike Force Rostrevor armed with a search warrant searched the home of a woman in Epping and arrested her in connection to the theft.

The state police allege that the woman along with other accomplices gained illegal access to the victim’s email, changed the password and authentication phone number. The suspect then accessed the victim’s e-wallet and transferred over 100,000 XRPs to a China-based cryptocurrency exchange.

According to news.com.au, the suspect was granted bail and will appear before a local court on November 19, 2018.

Following the details of this theft, the cybercrime division of the state police advised individuals to pay special attention to email accounts because they contain private information. Information that in the wrong hands, can compromise their financial and personal wellbeing.

As at the time of the theft, the 100,000 XRP units were valued at $450,000.

The Rising Tide of Cryptocurrency Thefts

Various reports have come out in recent months quoting figures from $500 million to $1 billion worth of virtual currencies stolen from crypto exchange operators. The CoinCheck and Zaif hacks are among the prominent theft incidents this year.

But beyond cryptocurrency exchanges, retail investors and individual crypto holders are also targeted by hackers. Ethereum World News recently reported about a group of hackers who met on the Call of Duty online gaming platform. The group reportedly stole a minimum of $3.3 million worth of virtual currencies from victims, including employees and investors of Augur.

In order to combat this security issue, crypto exchanges, and security firms are investing in institution-grade storage solution. But these custodial facilities cater to large-scale investors. So, who is looking out for the little guy?

How can individuals secure their crypto holdings against hackers? Share your thoughts with us in the comment section.

Image courtesy of businesstech.co.za