Australian girl jailed over crypto theft

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Kathryn Nguyen being arrested in 2018. Source: NSW Police

A 25-year-old Sydney female has been sentenced to a maximum two years and three months in jail for stealing over 100,000 ‘Ripple’ cryptocurrency in January 2018.

About Australian
Australians, colloquially referred to as “Aussies”, are people associated with the country of Australia, usually holding Australian citizenship.Between 1788 and the Second World War, the vast majority of settlers and immigrants came from the British Isles (principally England, Ireland and Scotland), although there was significant immigration from China and Germany during the 19th century. Many early British settlements were penal colonies to house transported convicts. Immigration of “free settlers” increased exponentially from the 1850s, following a series of gold rushes. In the decades immediately following the Second World War, Australia received a large wave of immigration from across Europe, with many more immigrants arriving from Southern and Eastern Europe than in previous decades.
Since the end of the White Australia policy in 1973, Australia has pursued an official policy of multiculturalism and has the world’s eighth-largest immigrant population, with immigrants accounting for 30 percent of the population in 2019. A large and continuing wave of immigration to Australia from across the world has continued into the 21st century, with Asia now being the largest source of immigrants. A smaller proportion are descended from Australia’s indigenous peoples, comprising Aboriginal Australians, Aboriginal Tasmanians and Torres Strait Islanders.
The development of a separate Australian identity and national character began in the 19th century, linked with the anti-transportation and nativist movements and the Eureka Rebellion during the colonial period and culminated in the federation of the Australian colonies in 1901. The primary language is Australian English, and Australian culture and literature have historically developed from Anglo-Celtic and Western traditions.

Australian woman jailed over crypto theft

About jailed
A prison , also known as a jail or gaol (dated, British and Australian English), penitentiary (American English), detention center (or centre if outside the US), correction center (American English), correctional facility, lock-up or remand center, is a facility in which inmates (or prisoners) are forcibly confined and denied a variety of freedoms under the authority of the state. Prisons are most commonly used within a criminal justice system: people charged with crimes may be imprisoned until their trial; those pleading or being found guilty of crimes at trial may be sentenced to a specified period of imprisonment. In simplest terms, a prison can also be described as a building in which people are legally held as a punishment for a crime they have committed.
Prisons can also be used as a tool of political repression by authoritarian regimes. Their perceived opponents may be imprisoned for political crimes, often without trial or other legal due process; this use is illegal under most forms of international law governing fair administration of justice. In times of war, prisoners of war or detainees may be detained in military prisons or prisoner of war camps, and large groups of civilians might be imprisoned in internment camps.
In American English, the terms prison and jail have separate definitions, though this is not always followed in casual speech. A prison or penitentiary holds people for longer periods of time, such as many years, and is operated by a state or federal government. A jail holds people for shorter periods of time (e.g. for shorter sentences or pre-trial detention) and is usually operated by a local government. Outside of North America, prison and jail have the same meaning.
Slang terms for a prison include: “the pokey”, “the slammer”, “the cage”, “the hole”, “the can”, “the clink”, “the joint”, “the calaboose”, “the hoosegow”, “crowbar hotel” and “the big house”. Slang terms for imprisonment include: “behind bars”, “in stir” and “up the river” (a possible reference to Sing Sing).

Kathryn Nguyen and an associate hacked into a 56-year-old man’s cryptocurrency account and swapped the two-factor authentication to her mobile phone, according to News Corp.

She then transferred the large sum of cryptocurrency to an overseas exchange where it was traded for bitcoin and shuffled into different wallets.

Australian woman jailed over crypto theft

The heist took place at the height of the cryptocurrency boom when Ripple coins peaked at just over $4 each – netting Nguyen some $400,000 in Ripple at the time.

Ripple is now worth a tenth of what it was.

Police raided Nguyen’s home in Epping last year, seizing computers, phones, and money.

She was the first Australian charged over cryptocurrency theft.

Presiding judge Chris Craigie said it was a “difficult and troubling decision” to send Nguyen to prison and that her references reflected a “generous and hardworking personality”, according to News Corp.

“A common thread was the offender’s willingness to help others,” Craigie said.

“This takes on a different meaning in her willingly participating and assisting in a criminal enterprise.”

He said the offending appeared “out of character” and that her “moral judgement was distorted” at the time of cryptocurrency theft.

After losing money trading bitcoin she began a business repairing designer handbags and shoes.

Nguyen will be eligible for parole in October 2021.

Reporting cybercrime

Police began their nearly year-long investigation into Nguyen after the victim reported being locked out of his trading account.

Commander of NSW Cybercrime Squad, Detective Superintendent Matthew Craft, told Information Age it was imperative for potential cybercrime victims to make a report.

“The problem we have nationally – not just in New South Wales – is that the reporting rate for cyber related crimes is very low,” Craft said.

The NSW Cybercrime Squad has assisted with numerous arrests over the past 12 months, helping bust local scam syndicates and identity thieves.

But cybercrime transcends borders which makes the job of police more difficult.

“Sometimes you do have offenders that are overseas, which means there’s not much law enforcement can do,” Craft said.

“But unless you report it and we know about it, we’re not in a position to make that determination.”

Report Cyber is the official channel for reporting cyber crimes and covers a range of cyber issues including abuse, identity theft, compromised accounts, and malware.

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