Concern over Crypto Security after French Businessman Arrested for Stealing €1.3m in Bitcoin

French previous tech-entrepreneur is held in custody after allegedly after stealing over 1 million euros worth of bitcoin from his previous partners.

An investigation requested by the company he cofounded has seen the entrepreneur indicted in what is reported to be an act of revenge.

The suspect is reported to have been ousted from the startup after differences over strategy, allegedly turning him from entrepeneur to crypto-hacker.

According to Le Parisien, other executives began to notice decline in thier cryptocurrency holdings they use for day to day transactions.

Reports say that the theft was designed so that every fradulent bitcoin transaction was under the minimum threshold that triggers a security warning.

It’s worth noting that this isn’t the first time we see bitcoin money hacked. A college student has been arrested earlier in the US for allegedly stealing over $5 million in bitcoin by hijacking phone numbers.

Concerns about loopholes in cryptocurrency systems are not sufficiently addressed. Most countries haven’t yet regulated the use of cryptocurrency. But the incident comes as a hit to the already bad reputation of bitcoin as “not being secure enough”.

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