The New South Wales Police have arrested an Australian woman in the alleged theft of cryptocurrency more than worth $450,000 Ripple. The investigation started after a 56-year old man reported missing of 100,000 units of Ripple from his electronic account.

The report covered the news of 65,000 worth Ripple units missing. The victim proclaimed that this started with the hacking of his mail account containing vital information about his bitcoin account. He could not able to access the account for the next two days.

By the time he gained access, he realized that his bitcoin account was left with hardly any balance. After reporting about the same, the Detectives from the State Criminal Command’s Cybercrime Squad formed a Strike Force Rostrevor to catch the culprit. After an extensive investigation, the group performed a search warrant at the alleged guilty’s house in Epping at 8AM, on Thursday.

The search warrant concluded with the discovery of cryptocurrency worth $450,000 Ripple. The woman was taken to the Ryde Police Station where she confessed the crime about hacking the email account by setting a mobile number as the secondary authentication medium. Afterward, she also transferred the stolen amount to an exchange in China and converted it into bitcoins.

The woman is now given a strict conditional bail with the order to appear for the next hearing. The hearing will be at Burwood Local Court on November 19, 2018, according to the report.

Looking at the growing issues related to crypto cybercrimes, Cybercrime Squad Commander and Detective Superintendent, Arthur Katsogiannis stated that the crypto community should implement multi-factor authentication. This will reduce the instances of nuisance hackers in gaining access to personal information of the public.