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A Maltese man has been accused of stealing a $ 700,000 of cryptocurrency from a friend

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A man from Malta was accused of stealing cryptocurrencies worth $ 700,000 from his friend’s mobile wallet while having fun. The case, which was brought to Judge Donatelle Frendo Dimech on Tuesday, led to several charges against 25-year-old Luke John Milton.

He stole $ 700,000 worth of cryptocurrency from his friend

Allegations against Milton include fraud involving more than $ 5,000 in cryptocurrencies, money laundering, resistance to arrests, theft and other fraudulent activities.

 

Describing the incident, one of the witnesses, a police sergeant who confronted the accused, said the victim had called him to go to the scene where the fraud had taken place to prevent Milton from leaving the scene. According to the officer, the victim said that he transferred the $ 5,000 cryptocurrencies to Milton in order to obtain the fiat equivalent from him. Milton, who wanted to invest in cryptocurrencies, reportedly had access to the victim’s cell phone after the transaction was completed.

When he checked his phone, he said he “couldn’t believe his eyes,” when he saw that an incredible $ 700,000 had been illegally transferred from his wallet in the cryptocurrency, with the balance reduced to zero. Milton denied the accusations made against him, saying he had been the victim of fraud. Police, ready to uncover the truth, asked both parties to hand over the phones to prevent any attempt to destroy any evidence. However, Milton refused to comply, then became enraged and resisted arrest.

In defense of his actions for not presenting his telephone as requested, the accused’s lawyer noted that Milton had acted in this way because he feared that the police might manipulate the device if it was handed over. The accused, who later handed the phone over to the authorities, was allowed to keep a close eye on the phone during the interrogation to ensure its safety. The hearing, which lasted several hours, was adjourned until 11 August.

Because cryptocurrencies are very popular, investors are advised to keep their funds safe, as criminals are still looking for loopholes that they can use to steal this class of assets.

We’ve seen several thousand and millions of dollars in assets stolen from individuals and companies associated with cryptocurrencies. Of all the attacks, most took place using sim swap methods. For example, in May last year, a 20-year-old man from Dublin was accused of committing sim swap fraud, which cost him $ 2 million in cryptocurrencies.

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