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First Australian Charged Over Ripple Cryptocurrency Theft

The Australian woman who stole over $100,000 worth cryptocurrency charged with two years and three months sentence from the Australian federal police.

Reportedly, the woman would be back on parole in October 2021.

In Jan 2018, 25-year-old, Kathryn Nguyen from Epping (A suburb of Sydney, in the Australian state of New South Wales) robbed a 56-year-old cryptocurrency account holder and then involved in mixing fund activities via offshore cryptocurrency exchanges and wallets.

Reportedly, Nguyen has been penalized for the acts of burglary and money laundering. The Australian national along with an associate stole Ripple nearly worth $450,000. The crime took place two years back when Ripple was on booming stages approx. $4. Though, at press time, Ripple (XRP) is hovering at $0.299182 with a market cap of $13,329,656,869.

First Australian Woman Involved in Crypto Crime 

As per corps, Nguyen deployed her brain and successfully swapped the two-factor authentication protection to her mobile phone by just changing the last name via hijacking the email account of the man. In two days, Nguyen embezzled the account and stole all of the victim’s XRP and after that unlocked the account, though by that time all XRP had been moved by the thug.

After the robbery, the XRP tokens were then siphoned off to China-based cryptocurrency exchange including other wallets for transfer, conversion, and trading in Bitcoin (BTC).

During August 2019, 7NEWS Sydney reported about the crime when Nguyen pleaded guilty. While detailing the skimming, the publication mentioned that Nguyen is the first person charged over the offenses of cryptocurrency fraud.

Source: Twitter

The presiding judge Chris Craigie mentioned that it was a “difficult and troubling decision” to jail Nguyen as her references suggested her a “generous and hardworking personality,” The Australian publication, Informationage cited News Corp report. 

The corroborated media outlets while citing Craigie’s statements mentioned that Nguyen is a helpful character and wanted to help others. She lost the funds during cryptocurrency trading and decided to do this crime to aid others. However, in cryptocurrency theft, her “moral judgment was distorted and she appeared out of her character.” 

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