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A $40 Million Theft Which Never Happened


2018 is a year that will forever be remembered as one with the most thefts in the world of cryptocurrencies. With a few months in the year still left to go, at least $1,000,000,000 of damage has been done in the form of thefts, with numerous cases of digital assets being stolen throughout the first half of the year. For anybody who has been keeping up with the news from the cryptocurrency world, this valuation of the amount of money stolen throughout 2018 seems to be a very conservative number. From the $530 million worth of NEM tokens being stolen from Coincheck, the huge cryptocurrency exchange based in Japan, to the $152,000 theft at Myetherwallet.com, there have been a plethora of cybercrime incidents involving cryptocurrency tokens.
The $40,000,000 That Was Never Stolen
2018 gets even more interesting when it comes to the alarming rise in cryptocurrency thefts. With news of cryptocurrencies being stolen left right and center, there was one particular incident of Bitcoin theft that has really caught the attention of the world.
32 year old Ted Price, resident of Hatfield County in Pennsylvania was arrested earlier this year for allegedly having stolen an insane $40 million worth of Bitcoin. The ‘who’ was pretty clear in the matter but questions related to the ‘when’ and ‘where’ were not a matter of concern for the prosecutors when they sentenced him for such a huge heist.
The interrogation which went for hours at length saw Price confess to having developed the kind of malware which diverted bits and pieces of Bitcoin being mined into his own account. It was also during the interrogation where he ‘confessed’ to having developed software that would hack digital assets for foreign governments. That should have been enough for the prosecutors to understand that he was not mentally sound, and had more to say. He apparently also said that he kept multiple fake passports and private planes on standby in case he needed to make a quick exit. The prosecutors believed every word. He was charged by the district court immediately for the $40 million theft and that’s something they would soon regret.
Ramblings of a Madman
Further investigation after the fact revealed that the 32 year old man lived in his parent’s basement, he had previously spent time in mental institutions and that he was on Oxycodone throughout the interrogation.
The mentally unstable man knew a bit about technical jargons, which he used to baffle the authorities. They believed every word that he said without thoroughly checking for the facts just because they couldn’t really comprehend the same level of technical understanding that he looked like he had.
Price was released after three months of time served. There was no money stolen. The only theft he actually did pull off was the theft of his girlfriend’s father’s credit card which he used to make a $150 purchase for his own dad. Nothing more.