Spanish Court orders inquiry into alleged computer fraud on Bittrex Exchange

Spanish Court directs an inspection of Bittrex Exchange's alleged computer fraud.
  • A Spanish Court recently released an order enforcing a section within the country’s police 
  • The order wants the authority to inspect the possible occurrence of computer fraud on the Bittrex crypto platform
  • An expert suggests that Bittrex did absolutely nothing to stop the respective theft

A Spanish Court recently released an order enforcing a section within the country’s police to inspect the possible occurrence of computer fraud on the cryptocurrency platform of Bittrex. They issued the order after a Tenerife-based Bittrex customer filed a complaint. He claims that he lost around 1.3 BTC (or $58,000) with the storage under his account on the exchange platform.

Details of the computer fraud with Bittrex’s user

According to a Spanish media report, the anonymous user’s issues started when earlier attempts to avail access to his funds failed. However, once he gained access around 48 hours later, the customer reports that his account had no money. All of it just disappeared suddenly. The user contracted professionals of Bittrex’s platform, who then held cybercriminals accountable for the respective theft.

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Meanwhile, the Spanish Court considered the entire situation and passed an order on February 9. The order highlighted that the court wants law enforcement to conduct a scheme of technological examination. This will further ensures the author’s identification (the thief). The court also ordered the Bittrex insurance firm to participate in the investigation actively. The firm is, thus, liable to offer a suitable insurance policy.

Bittrex in a tough spot

Meanwhile, the report proposed the name of an anonymous specialist who records and explains the potential charges facing Bittrex in response to the user’s loss. While holding Bittrex directly responsible for the respective theft, the expert said Bittrex facilitated four access trials before the theft occurred on May 26, 2020. 

These four trials were conducted from different IP addresses, with different operating systems, in different locations. All of the fields were inconsistent with what the user used until the last minute of the theft. However, Bittrex did absolutely nothing to stop it.

As per the expert’s opinion, these events transpired on three distinctive days from various geographical spaces, namely France, Granada, Madrid, and a province in Minnesota. The expert also added that the alleged cybercriminal(s) accessed a different operating programme from the original account that the owner holds. This, according to the specialist, was a major red flag for Bittrex’s platform.

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Andrew Smithhttp://thecoinrepublic.com
Andrew is a blockchain developer from his education and developed his interest in the cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer.

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