Australian hacker, Katherine Nguyen, has pleaded guilty to stealing nearly half a million dollars ($450,000) worth of Ripple (XRP) — 100,000 tokens — in January 2018.
Local media outlet 7News Sydney reported that Nguyen successfully hacked into a 56-year-old man’s email account with the same last name.
She went on to steal all of his Ripple prior to unlocking his account two days later. The victim regained control of his email and trading accounts but discovered that the Ripple had been transferred to a Chinese exchange, converted into Bitcoin, and transmitted to several cryptocurrency wallets.
Law enforcement reportedly investigated the security incident for ten months prior to unmasking and apprehending Nguyen. She has since pleaded guilty to the cyber robbery, for which she will supposedly confront prison time.
In October 2019, a hearing will be held to settle some factual quarrels and decide Nguyen’s sentence. She was initially charged in October 2018.
Australia received criticism over a new bill that would impose a limit on cash and cryptocurrency transactions. The proposed Currency (Restrictions on the Use of Cash) Bill could prohibit every cash transaction worth over 10,000 AUD ($6,753). Consequently, over 7,000 people have signed a petition against the bill.
The reason for limiting cash transactions is presumptively to discourage unlawful activities, such as money laundering and tax evasion. Nevertheless, critics have contended that this is false as individuals will ultimately be stripped of their right to privacy in financial matters, entangling them in private banks and being incapable of eluding policies like bail-in and negative interest rates.