Alleged Hacker Admits to Stealing $40-50 million in Bitcoin

Authorities in Pennsylvania may have accidentally uncovered one of the biggest Bitcoin scams in history at least if the man behind the alleged crime is to be believed. What...

Authorities in Pennsylvania may have accidentally uncovered one of the biggest Bitcoin scams in history at least if the man behind the alleged crime is to be believed. What originally began as a search for stolen laptops quickly spiraled into something much bigger—$40 to 50 million worth of bitcoin.

Police originally began searching for 30-year-old Theodore Price after his girlfriend’s parents called police to report that the man had stolen two laptops from their home while they were away on vacation. After admitting to her parents that Price had been in their house—the parents had forbidden the boyfriend from coming to their home—Price’s girlfriend confronted him about the laptops.

Although he denied stealing them, the girlfriend then let herself into the house and found two laptops, one of which was her mother’s. Inside the laptop cases, the girlfriend also found credit cards in her father’s, ex-boyfriend’s and grandmother’s names as well as a huge list containing the personal information of hundreds of strangers. She took all of this evidence to the police, and local officials were eventually successful in tracking down and arresting Price. However, this is where things get strange and it becomes a bit more difficult to know what to believe.

Along with all of the other information, police found a notebook containing ‘105 pages of alphanumeric code,’ which they sought the help of the Department of Homeland Security in deciphering. The federal agents determined that the code was related to bitcoin accounts, and after being pressed on the subject, Price eventually admitted to building software that allowed him to manipulate bitcoin wallets so that payments were diverted to his own wallets.

Officers also found tor software on the girlfriend’s mother’s computer, which Price originally stated that he used to the Dark Web marketplace AlphaBay. However, he then began suggesting that he had been hired by numerous companies and foreign governments to create Trojan software to penetrate security systems, and also that he created his own software to hack bitcoin wallets.

According to Price, one of his bitcoin wallets contains over $34 million, while federal officials estimate that he might hold anywhere from $40 to $50 million worth of bitcoins in total. If this is all true, it means that Price is one of the biggest cryptocurrency hackers of all time. However, it is interesting to note that, after originally charging him for the bitcoin theft, federal officials have at least temporarily withdrawn this charge. Nonetheless, it

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