An Online Heist worth Five Million USD

Endy Callahan

Over-the-counter crypto exchanges may sometimes face serious issues. The reason is the number of illegal activities and misuse of the crypto market and the opportunities it gives to traders all around the globe. Since the crypto industry is gaining popularity, the percentage of cybercriminals is also increasing. Recently, the mass media reported about an online heist worth five million USD. The event involves Brazilian and Spanish institutions. Banco Santander is a multinational financial brand. A few days ago, the authorities had to thwart it after the officials found out about the seized funds. The investigators relate the crime with local OTC crypto exchanges.

The cybercriminals did not waste time – they instantly decided to convert the stolen funds. They planned to purchase Bitcoin for the money they illegally possessed. Nevertheless, the cash the perpetrators used served as a trigger. It became obvious that many of the bank accounts of the exchanges were frozen upon receipt. The news about the crime immediately became known to the representatives of The Bitcoin Portal, a local press agency.

The mentioned media outlet says how it obtained all the internal documents proving the described fact. Santander takes an active part in the investigation process, trying to resolve the issue and help the authorities find the criminals. The institution is ready to reveal all the information they know and help the police to understand how the cybercriminals managed to steal the funds.

Despite all the high-tech measures, advanced technologies, and security tools that banks apply, there is much fraud and it seems that cybercriminals keep inventing new instruments that help them gain access to various financial resources without being notices or tracked.

Banco Santander Lost Five Million USD

Last month, the bank noticed and warned about some certain irregularities in the accounts belonging to the local steel producer. Gerdau, the steel manufacturer, reported about a dozen rather suspicious operations. The report mentions a sum of five million USD. It is important to mention that the transactions came from the same place and a single IP address. A few weeks ago, the bank filed a police report.

The request addressed the public and asked the authorities to initiate an investigation into the crime. The perpetrators transferred the stolen funds to the bank accounts of four OTC Bitcoin trading desks. Local reporters said that there are at least eight individuals involved in the theft. Also, they admit that the accounts of the OTC exchanges were frozen. From a trustworthy anonymous source, the press found out that the amount was extremely high.

This made the operator ask for an official statement from the bank. This is a common practice and the operator who performs huge transfers contacts the original account. When the exchange understood that the funds they received had reached the original account a few hours ago, they blocked the transfer. Instantly, the user began to press the operator to transfer the BTC. A bit later, the bank blocked the account.

The Bank Is Willing to Know the Truth

The bank reports that the money transfers and all operations that the cybercriminals performed came from Santander and went through the account belonging to Mundial Illumination, which is known to be a corporate customer. The Public Prosecutor described the incident and stated that what happened reminds of one corporate bank account making attempts to invade another corporate bank account. It resembles the process of ordering to debit the bank.