Woman arrested over $450,000 Ripple theft

POLICE in New South Wales have arrested a 23-year-old woman over the alleged theft of more than $450,000 worth of the cryptocurrency ripple.

Detectives from the State Crime Command’s Cybercrime Squad established Strike Force Rostrevor in January to investigate the theft of 100,000 units of ripple from the electronic account of a 56-year-old man.

At the time, the cryptocurrency was trading at about $US3.18. Ripple has lost nearly 90 per cent of its value since its January peak of $US3.39. Today, the 100,000 units are worth about $65,000.

The victim told investigators he believed his email account had been hacked the previous month and was subsequently locked out of his account for two days in mid-January.

When he regained control of the account and checked the activity, he noticed his cryptocurrency account had also been compromised leaving almost a zero balance.

NSW Police said “following extensive investigations”, Strike Force Rostrevor detectives executed a search warrant at a home in Epping at 8am on Thursday.

The woman was arrested and taken to Ryde Police Station.

frank.chung@news.com.au

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