According to the newspaper Khaleej Times in Dubai, the local cryptocurrency trading platform caught the employee who was stealing cryptocurrencies. According to preliminary data, he has appropriated 800 000 AED ($218 000). The name of the exchange, as well as the employee’s name is not disclosed.
The defendant is an expert in the management systems of cryptocurrency trading. He was able to bypass the software that was used to record cryptocurrency transactions.
The employee took a small percentage of the funds traded on the stock exchange. He used his access to the system to create fake accounts. In the database of the platform, he added untrue information.
According to the employer, reasons to suspect that employee was not.
The company’s management found that cryptocurrency transaction was inconsistent and did not match the records in the system. But, because of the lack of experience in implementation of security systems, identifying the fraud immediately failed. Moreover, the whole team used the administrator account to access the web site. The accused slowly accumulated converted amount, and was caught after the discovery of files on his personal computer. He used fake user names and accounts when communicating with the customers (possible customers) to the Internet. The stolen funds he wanted to spend on buying a home, but his dreams were shattered when the company filed a lawsuit against him.
The exchange’s management asked the Department of examination and settlement of disputes in Dubai to investigate the incident and assessment of the damages suffered by the company.
The position of the UAE in respect of cryptomeria
Last year, UAE Central Bank warned the inhabitants of the country about the risks associated with cryptocurrencies. While the government regulates and does not prohibit digital currency, it also did not recognize them as legal tender. The regulator also warned users who were planning to invest in ICO about possible deceptive projects.
The bitcoin ICO of growing interest to the residents of the Emirates. According to Google Trends, the UAE is among the ten countries with the highest level of interest in bitcoin in the region.