The employee of the crypto exchange in Dubai stole $ 200,000
According to the Khaleej Times in Dubai, a local currency trading platform caught an employee who steals crypto-currencies. According to preliminary data, he appropriated 800,000 dirhams (about $ 218,000). The exchange name, as well as the employee’s name, are not disclosed.
The accused is an expert in the management of crypto-currency trading systems. He was able to bypass the software that was used to record crypto-currency transactions.
The employee took a small percentage of the funds traded on the exchange. He used his access to the system to create fake accounts. In the platform database, he added inadequate information.
According to the employer, there was no reason to suspect this employee.
The company’s management discovered that the crypto-currency transactions were inconsistent and did not correspond to the records in the system. But, due to lack of experience in the field of security systems, it was not immediately possible to identify the fraudster. In addition, the entire team used an administrator account to access the website. The accused slowly accumulated the converted amount and was caught after finding the files on his personal computer. He used fake user names and accounts when interacting with customers (potential buyers) on the Internet. Stolen funds he wanted to spend on buying a house, but his dreams were shattered when the company filed a lawsuit against him.
The Exchange management appealed to the Department of Examination and Settlement of Disputes in Dubai to investigate the incident and calculate the losses incurred by the company.
Position of the UAE in relation to cryptothermia
Last year, the Central Bank of the UAE warned residents of the country about the risks associated with crypto-currencies. While the government does not regulate or prohibit digital currencies, it also does not recognize them as a legal remedy. The regulator also warned users who planned to invest in ICO, about possible deceptive projects.
Bitcoin and ICO are of increasing interest to residents of the Emirates. According to Google Trends, the UAE is among the top ten countries with the highest level of interest in bitcoin in the region.