In Dubai, an employee of one of the exchanges stole $200,000

Khaleej Times in Dubai reports that the management of the local cryptocurrency exchange managed to catch an employee who stole 800,000 dirhams (about $218,000) from the site’s accounts. The name of the attacker and the name of the exchange have not been disclosed, CCN reports.

The employee accused of embezzling funds is a digital currency trading specialist. He managed to find loopholes in the software used to record cryptocurrency transactions.

The suspect appropriated a small part of the site’s funds and used his access to the system to create fake accounts. He added information to the exchange database that had nothing to do with reality. He seemed to be a diligent employee, so there was never any reason to suspect this person of embezzling funds.

After the exchange management discovered the inconsistency of transactions and discrepancies in system records, it began to sound the alarm. But, since the company has little experience in implementing security systems, the search for the criminal took some time.

The accused slowly “save up” the converted amount, which he planned to spend on buying a new house. The attacker was caught by discovering files on his computer: he was using fake client names and accounts. 

The management of the crypto platform filed a lawsuit against the suspect and contacted the Department of Expertise and Dispute Resolution in Dubai for a full investigation of the incident.

We would like to remind you that the UAE government is neutral towards cryptocurrencies, but does not recognize them as legal tender. Also, the National Bank of the UAE last year urged citizens not to invest in digital currencies, since “it is too risky,” because, among other things, you can run into scammers.

However, interest in cryptocurrencies in the UAE is constantly growing, and the government has no influence on this.

According to https://www.ccn.com