Business, Crypto Coin News, Crypto Mining, Top Stories

Bitmain Filed Lawsuit Against The Theft Of Around 617 Stolen Bitcoin’s [BTC].

In a recent case filed to the U.S. District Court, Western District of Washington at Seattle, Bitmain alleges that the anonymous person stole around 617 Bitcoin [BTC] from an account, managed at crypto exchange Binance, and is seeking a jury trial for damages.

As per the filing, the “as-yet-to-be known ‘John Doe’” stole the bitcoin holdings on 22nd April, this year from its account. With one bitcoin worth at around $8,935.32 USD at the time, the corporate claimed that it owed $5.5 Mln in damages.

Bitmain claims that the thief used the bitcoin in its Binance wallet to purchase MANA – a cryptocurrency used as a part of the Decentraland project – “at a value that was way on top of the going market rate.”

The attacker additionally allegedly created a buying order for ether employing Bitmain’s BTC digital wallet, before creating another order for MANA using Bitmain’s ETH.

At the same time, the offender created a sell order with their existing MANA digital walletpermitting them to trade Bitmain’s BTC for their MANA “at a correspondingly inflated value,” adding:

“Upon data and belief, Binance’s automated control system matched the deflated MANA sell order with the deflated MANA order and processed the trade and John Doe obtained considerable gains—at the expense of Bitmain. As a result, John Doe benefitted doubly from transferring MANA into and out of Bitmain’s digital wallet.”

The lawsuit filing in Seattle, Washington, needs to do with the very fact that the alleged attacker is charged to have utilized an account they managed with crypto exchange Bittrex. The legal proceeding alleges that the MANA the attacker utilized in the dealing was originally keep in a Bittrex digital wallet, and Bittrex relies out of Washington.

However, “once when John Doe had completed the theft of Bitcoin [BTC] from Bitmain, he/she transferred that Bitcoins [BTC] out of the John Doe’s Binance digital wallet and ultimately into a digital wallet on the Bittrex cryptocurrency trading platform.”

The legal proceeding is thus claiming that the Washington court has jurisdiction over the matter based on the computer system Fraud and Abuse Act, the Washington law-breaking Act and alternative computer fraud laws.

The court may additionally have jurisdiction reckoning on the thief’s identity, the filing added.

Leave a Comment

Your email address will not be published. Required fields are marked *