He claimed that the children stole approximately $1 million worth crypto from him.
16 Bitcoin Gone
A man sued the parents of young men who he claims took $1 million in Bitcoin.
According to KrebsonSecurity, Andrew Schober, a Colorado resident, claimed that he had 16.4 Bitcoin taken from him in 2018. He now claims that he has been able to identify the identities of the two boys who, as minors, tricked Schober into transferring the Bitcoin to them using malware.
Schober's attempts to return the money to the boys, who are currently in university in the UK, were not received by the boys. Schober tried to contact their parents but they refused. Schober sued his parents to recover the money.
Malevolent Malware
You need to understand crypto exchanges in order to understand how Schober stole his money.
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A cryptocurrency wallet is required to store cryptocurrencies such as Bitcoin. The digital wallet has two keys, a public key and a private key. Your wallet's public key allows you to make payments. Private keys enable you to spend your crypto.
Schobers problems began in 2018, when he clicked a Reddit hyperlink that was supposed to be for a crypto wallet app called Electrum Atom. But, he accidentally downloaded malware onto his computer.
According to the lawsuit, he tried to move 16.4 Bitcoins from one wallet to the other using his wallet key. However, the malware changed it with one belonging to the boys.
Going to Court
Schober is currently in court with his parents, who argue that the crime was committed so long ago and therefore null.
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Plaintiff asserts two common law causes (conversion and theft to chattel), which are subject to a three year statute of limitations. The defendant's attorney made this argument in KrebsonSecurity's filing. Plaintiff also alleges that he has a federal statutory cause for action. This is subject to a two year statute of limitations. Plaintiff did not file his lawsuit before May 21, 2021, five months and three years after his injury. His claims should therefore be dismissed.
The litigation process continues. It will be fascinating to see how the legal system reacts to this brave new world of crypto theft. We will likely see more of this in future.
READ MORE: A 16-Bitman Robbed Sues His Parents [KrebsonSecurity]
More about crypto crimes: Feds smashed an armored vehicle through a wall during a bitcoin raid
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