A choose has sentenced Australian citizen Kathryn Nguyen to a most time of 2 years and three months in jail for her function in stealing greater than 100,000 XRP tokens in January 2018.
In accordance to an Aug. 11 report in Australian publication Data Age, Nguyen was sentenced over the theft of greater than $300,000 in XRP two years in the past. She was initially charged in Oct. 2018 and pled responsible to fraud fees the next August.
Chris Craigie, the choose presiding over Nguyen’s case, mentioned it was a “troublesome and troubling determination” to ship her to jail. The Australian nationwide will reportedly be eligible for parole in October 2021.
First Australian crypto fraud case
Nguyen was one of many first individuals to be charged with the theft of crypto belongings in Australia.
In January 2018, she reportedly hacked into the e-mail of a 56-year-old man with the identical final title as her and stole all his XRP holdings earlier than releasing management of the account two days later. This was at a time when the crypto asset was close to its all-time excessive of $three.84.
Nguyen reportedly transferred the XRP holdings to a Chinese language crypto change the place she swapped the tokens for Bitcoin (BTC), sending them to a number of wallets in what might have been an try to launder the funds. In accordance to native information outlet 7News Sydney, authorities in China have been solely ready to recuperate roughly $9,000.
XRP falls out of favor
The worth of XRP has since dropped to $zero.30 as of this writing, making the quantity of crypto stolen now price roughly $30,000.