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Former Microsoft Employee Nabbed For Stealing $10 Million In Cryptos

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Former Microsoft Employee Nabbed For Stealing $10 Million In Cryptos

A Ukrainian national who formerly worked for Microsoft has found himself on the wrong side of the law after a number of incidents involving crypto theft were traced back to him.

Volodymyr Kvashuk, 25, was taken into custody after authorities established that he schemed to steal crypto’s worth $10 million. He had transferred about $2.8 million to his bank accounts with the 7 months of his malicious dealings.

How Did He Do It?

Volodymyr is a former Microsoft employee, a privilege he used to steal crypto gift cards. Since the crypto gift cards could be redeemed for Microsoft products, Volodymyr took that opportunity to redeem them and then resell the products online.

According to court documents at the US attorney’s office in Seattle, Volodymyr was part of a development team that helped with the testing of Microsoft’s online-based retail sales portal during his stint at the company. It’s probably during this period that he devised his scheme.

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Crypto Theft Is A Menace

Earlier in April, several crypto holders using Microsoft’s email service reported that their emails had been targeted by hackers trying to access their cryptocurrencies through Hotmail, Outlook, and MSN.

One of the victims claimed that the hackers had successfully breached his email account and rest his password on Kraken, thereby gaining access to his funds.

However, this incident is not the first time that cryptos have been reported lost on various platforms. There have been numerous reports of either attempts or successful hack attacks.

Just a few months ago, Binance faced a hack attack that saw over $40 million in cryptos lost.

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Also, besides the hacks, there have been even more reports of schemes hatched by fraudsters who impersonate popular people like Ethereum’s Vitalik Buterin and try to trick people into sending them cryptos with a false promise of sending it back in folds.

Nick James is a cryptocurrency writer and editor with up to a decade in the finance world. He has written for Forbes, Cointelegraph, Ethereum World News, Independent Republic, Zycrypto and many others.

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