As well all know cryptocurrencies like Bitcoin have been around since 2008 and part of the idea of a cryptocurrency is that it is decentralised. In other words, things can’t be traced and so if cryptocurrency is stolen by hackers, it is most likely gone forever.

Over half a million dollars was stolen by a New Stanton man’s online crypto account which state police are looking into as we speak.

According to the state police, the 54-year-old man from New Stanton has said that he discovered the money to be missing this week but it could have disappeared any time since early December.

Stephen Limani, from the state police, said PSP’s computer science experts were working into how the thieves got into the man's account and what could be done about it. Limani said, “is it somebody local… or is it a hacker?”

Because of the untraceable nature of cryptocurrency, once the money leaves the account, it is virtually impossible to find it again. So unless the thief is enough to turn him or herself in, there is no way of knowing where it could have gone.

Bitcoin is the leading cryptocurrency and one of the most popular ones in the space but the man in question has actually invested in a lot of other altcoins which have cropped up over the past few years.

The official from the State police said he couldn’t name the specific currency that the man owned but did say that it was tied to the gold standard. Since there are dozens of cryptocurrencies matching that description, there is no way of guessing which crypto was stolen.

Unlike traditional money, which is regulated and distributed by government and banks, cryptocurrency is decentralised maintained by technology and its users.

Prior to this, the state police have looked into a scammer who talks their victims into investing in Bitcoin and other cryptocurrencies and then eventually making off with their money. But as Limani said, tracking down stolen cryptocurrency is a very different type of investigation.

As we say, the idea of most cryptocurrencies is that they are untraceable so once the money leaves the account, it is almost impossible to figure out where it’s gone, most likely meaning, it’s gone forever.