Australian Hacker Got 2 Years In Prison For Stealing 100K XRP: Report

An Australian hacker is now facing two years in prison after stealing more than $300,000 in XRP back in 2018 as we are reading more in the upcoming Ripple XRP news.

The Australian hacker, a woman under the name Kathryn Nguyen will serve a maximum of 2 years and 3 months in prison for stealing more than 100,000 XRP tokens back in 2018. According to the reports, the Australian publication Information Age, Nguyen was sentenced over the theft of more than $300,000 in XRP in less than two years ago. She was charged in October 2018 and pled guilty to fraud charges in August. Chris Craigie who is the judge on the case said it was a “difficult and troubling decision” to send her in prison. The woman will be eligible for parole in 2021.

Nguyen was one of the first people to be charged with theft in Australia.
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She hacked into the email of a 56-year old man with the same last name as her and managed to steal all his XRP holdings before releasing control of the accounts in two days. This was at a time when the asset hit an all-time high of $3.84. Nguyen transferred the XRP holdings to a Chinese crypto exchange where she later swapped the tokens for BTC sending them to a lot of wallets trying to launder the funds.

A Sydney woman at the centre of a murky cryptocurrency fraud is facing a whopping bill and the prospect of jail time. It has been revealed that she may have to pay back a quarter of a million dollars. https://t.co/OF81oZFF1j @ebatten7 #7NEWS pic.twitter.com/7g56DXhPkv

— 7NEWS Sydney (@7NewsSydney) July 31, 2020

According to a local news outlet 7News Sydney, the Chinese authorities were the only ones able to recover about $9000. The value of XRP dropped since to $0.30 making the amount of crypto stolen worth $30,000.

In the other Ripple XRP news, Ripple encourages the governments across the world to create better regulations in the crypto sector as the company criticized the lack of legal framework, negligence in determining which assets are securities and the regulatory ambiguity. In a recent publication, the General Counsel of the payment solution company Stu Alderoty, criticized the US position towards the entire crypto industry. He raised one of the main issues for the industry in the US which is the lack of clear legal framework.

Ripple’s over-the-counter sales of XRP made a staggering rise of over 1760% in Q2 2020 and many investors seemed concerned about the huge increase in the total number of circulating tokens. The spike in the selling pressure behind XRP could see it pullback towards $0.28 or even $0.24 as Ripple revealed that it ramped up the XRP sales last quarter.