A jury in Iasi, Romania, has mandated a 1-month pre-trial detention period for a man who was detained on suspicion of stealing bitcoin worth millions of euros from a prominent cryptocurrency provider. 

The 7th largest cryptocurrency provider worldwide, a Cayman Islands-based corporation, is the victim of the fraud.

During the Theft, more than $620,000 was taken.

Using the Application Software Network key that he illegally acquired before beginning his operation between January 28 and January 31, the accused entered the system.

After gaining unauthorized use of the system, he moved cryptocurrencies worth 620,000 USD (520,000 EUR) to the private accounts of many people who had given him actual cash for the crypto assets.

To avoid being asked for identification, the accused decided to withdraw tiny amounts of money over time, totaling 10,000 lei, to conceal his unlawful activities.

Authorities in Romania seized 40,000 lei from a bitcoin trader who had purchased stolen cryptocurrency from the accused, as well.

The suspect will face charges for unauthorized access to an IT system, IT theft, and financial fraud.

What are your thoughts on the Romanian operation?

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