An Australian-based woman has been sentenced to jail by the court as she hacked 100,000 XRP worth $300k in January 2018.
Kathryn Nguyen was the first Australian who charged for stealing cryptocurrency, Australian news outlet Information Age reported on August 11.
“Difficult and Troubling Decision”
According to News Corp, Judge Chris Craigie said at the time of sentence that it was a “difficult and troubling decision” to send her to prison for more than two years because her references showed a “generous and hardworking personality.”
In January 2018, Kathryn Nguyen got control of the cryptocurrency account of a 56 years old man and then became successful in going through two-factor authentication after swapping. After getting control of XRP funds, she sent funds to exchange outside of the country and then distributed them into different wallets. She sent crypto funds to a Chinese-based cryptocurrency exchange. Local news media outlet 7News Sydney reported in July 2020 that Chinese authorities have recovered only $9,000.
“A Sydney woman at the centre of a murky cryptocurrency fraud is facing a whopping bill and the prospect of jail time. It has been revealed that she may have to pay back a quarter of a million dollars,” 7News Sydney said at that time.
7News Sydney stated in August 2019,” The first person charged over cryptocurrency fraud has pleaded guilty, swindling almost half a million dollars worth of the currency known as Ripple. Katherine Nguyen made no apology to her victim, aware she could be facing jail time when sentenced in October.”
However, she has not benefited from the stolen money. “A common thread was the offender’s willingness to help others,” Craigie said. “This takes on a different meaning in her willingly participating and assisting in a criminal enterprise.”
The hacking attack happened at that time when XRP price was trading above $4 but now the cryptocurrency is trading $0.29.