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Israeli hacker accused of a multi-million theft using cryptocurrencies

2 min reading

31-year-old hacker, Eliyahu Gigi, an Israel citizen, was accused of stealing nearly 6 million shekels using cryptocurrency.

Methods of operation

Gigi and his 21-year-old brother were arrested in June, this year. They were suspected of stealing cryptocurrency by phishing. This method can be used to extort certain data (e.g. credit card PIN or login) by impersonating another person or institution. It can also be used as a cover for specific activities. To remain beyond suspicion, the hacker used remote servers for his purposes and special applications to remove traces of activity. He also transferred funds to many wallets and exchanged them for other currencies.

Details of the accusation

The official allegations received by the 31-year-old hacker concern - among others - theft, fraud, money laundering and the distribution of malware on the computers of his victims. It is believed that Gigi was managing a whole group of websites that he used to defraud many cryptocurrencies. He usually used Bitcoin, Ethereum and Dasha. Initially, the number of embezzlements could amount to as much as 100 million dollars. In the indictment, however, the numbers say less than 2 million. The law enforcement agencies received the fist signals after reporting many cases of spam in cryptocurrency forums. Soon after, people, after clicking on a given link, began to lose their data and resources from the wallets they were directed to.

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