Limassol police have arrested a 33-year-old man in connection with a cryptocurrency theft worth 2.8 million euros, which was stolen in just 18 minutes through unauthorised withdrawals.
The suspect faces charges of online fraud, obtaining money under false pretences, and money laundering offences, following an investigation by Limassol’s Financial Crime Unit.
Two foreign residents of Cyprus reported that their cryptocurrency cold wallets, maintained for six years, were compromised without their knowledge or consent.
The breach resulted in unauthorised withdrawals totalling 2,891,293 US dollars through 16 separate transactions, with some occurring simultaneously from the same wallet.
The Limassol District Court has ordered the suspect to be remanded in custody for seven days as investigations continue.
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