Fresh charged have been tabled against a man from Philadelphia. The man is accused of interfering several online brokerage accounts and using Bitcoin to hide the source of the money. The man named Joseph Wilner is charged with different offenses. Some of the offenses include computer instructions and securities fraud.
Cryptona had earlier reported that Joseph Wilner had been by United States Securities and Exchange Commission for breaking into another person’s digital brokerage account. According to the accusation by the Exchange Commission, he had made several sales to raise a revenue of $2 million.
According to the prosecutors, this man had targeted at least 50 trading accounts in his hacking. During the initial accusation by the U.S Securities Exchange Commission, Joseph had made more than $700,000 profits.However, initially, the amount could not be traced. It was the discovered that he hid the profits in Bitcoin this Biggest trading Cryptocurrency Company.
According to Bridget Rhode the acting U.S Attorney: “Cybercrime is now more innovative in the methods they use to steal money. They are using the internet in a way that is hard to trace. As per the case of Willner, his Co-conspirators said that they hacked into the people’s accounts to execute fraudulent short sales.”
Since Mr. Walner did not want the source of his wealth to be questioned he chose to hide it by buying Bitcoins. However, since his activities have been uncovered, he may face up to 20 years of imprisonment if convicted. The sentence will also include recovery of the stolen funds.
According to the US Securities Exchange Commission, such cybercrime cases should be taken with seriousness. This is because the cases are on the rise and are targeting major investors. The, however, stated they strengthened their systems to reduce such instances. We will keep you updated about the developments of the case.