Stole Money In A Bank And Lost In The Crypto Market

A court in China found an ex-employee of one of the banks guilty of embezzlement of 1.85 million yuan ($261 thousand), as well as a fraud with client funds in the amount of 770 thousand yuan ($110 thousand)

Fraudulent schemes

The attacker was engaged in illegal activities from 2018 to May 2019. He used bank funds for personal needs, including for crypto investments. When this was not enough, he began to issue loans for the names of the bank's customers.

Fatal euphoria

The defendant confessed, he entered the crypto market at the end of parabolic growth in 2017. Initially, he invested only 100 thousand yuan and received X16 profit in just one week, then he decided to use bank funds. But the crypto market began to fall just during this period, and the Bitcoin rate fell up to $3,200. As a result, the investor lost almost 2 million yuan.

Crime and Punishment

Justice prevailed, the fraudster received a 12-year in jail and 100 thousand yuan fine. He is also obliged to return all stolen money.

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