24CryptoRoom.com - Your Trusted Source For Crypto-Currency News

Ex-Microsoft Employee Arrested for $10 Million Crypto Theft

0 243

A former employee at Microsoft has been arrested for a scheme to steal $10 million in cryptocurrency, the Associated Press (AP) reported on July 17.

The Associated Press reports 25-year-old Volodymyr Kvashuk was responsible for testing Microsoft’s online retail sales platform—which gave him access to gift cards and other digital currency that he would sell on reseller websites.

According to the Justice Department, Kvashuk initially stole amounts like $10,000 but started stealing millions over time. He then allegedly erased traces of his fraud, laundered the money through a bitcoin service, and had the funds transferred into his account. Over seven months, $2.8 million was transferred to his bank accounts, authorities say.

In addition, Kvashuk allegedly bought a $160,000 Tesla and a $1.7 million waterfront home. He was fired last month after Microsoft investigators confronted him about the thefts in May. He faces up to 20 years in prison and a $250,000 fine if convicted. Kvashuk’s attorney did not respond to the AP’s request for comment.

Relating Article:  City of Shenzhen To Support Blockchain Investment Fund