A Dubai based man has been arrested after it was found he embezzled AED800,000 worth of cryptocurrencies direct into his own account.
The digital trading currency firm he was working at noticed a difference in transaction amounts versus amounts recorded in the system, according to the Khaleej Times.
An expert’s analysis confirmed the shady transactions; it was found the employee was highly skilled in managing cryptocurrency trading systems; he would use fake virtual accounts to steer the funds into his accounts.
A failing in IT security systems on the company’s part was the primary reason he managed to get away with it for so long.
All network admin used the same log-in details, so it was difficult to trace the embezzler; he was eventually apprehended after a personal account of his was found to have received a large amount of money, and his plans to purchase a home.