According to Dubai-based newspaper Khaleej Times, a cryptocurrency trading platform in the city caught its own employee stealing cryptocurrency for his personal use. Both the company as well as the convict were kept anonymous in the entire story.The man was an expert in managing trading systems, which was why he deceived the software responsible for keeping a track of cryptocurrency transactions by various traders.
He would convert a small percentage of the currency being traded on the platform. Then, he would enter the database platform and upload false information into the fake virtual accounts to convert the currency to his own account and other cryptocurrency trading platforms.
The employer had no reason to suspect the employee as he himself had developed the cryptocurrency trading platform and earned laurels for it.
Initially, the company realized that cryptocurrency transactions were inconsistent and didn’t match the records in the system. But they couldn’t find the criminal because their security system was faulty and the entire team was using the administrator account to access the website. He was slowly accumulating the converted amount and was caught with further details on his personal computer…
Read Full: Dubai Employee Steals $200,000 in Cryptocurrency Embezzlement Fraud using Company’s Trading Platform
