Fun

Man Sentenced to 8 Years in Prison for Stealing Nearly $7 Million of Crypto in Israel

News Feed - 2021-08-11 12:08:58

Man Sentenced to 8 Years in Prison for Stealing Nearly $7 Million of Crypto in Israel


Afek Zard, a resident of Israel, has been sentenced to eight years in prison for embezzling a large sum of cryptocurrency that belonged to a friend of his. The man, who refused to cooperate with the investigation, will have to pay a hefty fine as well. Israeli Resident Sentenced for Cryptocurrency Theft


The 27-year-old Zard received the sentence from the Be’er Sheva District Court, Israeli news outlet Ynet reported this week. According to the website, Zard stole 75,000 DASH worth an estimated 22 million Israeli shekels ($6.8 million). The fiat equivalent dates back to the time the theft took place. The coins’ current value is almost twice as high.



Zard, who has not returned a single dash to this day, has been convicted of theft in aggravating circumstances and other offenses. The court has also imposed a fine of five million shekels (approx. $1.55 million) and a maximum compensation of 258,000 shekels (almost $80,000).


The crypto thief, a resident of Eilat in Southern Israel, took advantage of his friendship with the victim, identified previously as Alexei Yaromenko, who had invested in cryptocurrency. Zard had access to his apartment where he reportedly hacked into Yaromenko’s computer and acquired the details of his digital wallet with dash (DASH), which was selling for $82.5 per coin at the time.


In the course of the investigation, Afek Zard denied all accusations, did not cooperate with the Israeli police, and refused to provide them with the passwords to his own personal computer and cellphone. As a result, authorities were unable to seize the stolen digital coins.


During the court proceedings, Judge Yoel Eden ruled that the defendant’s testimony was unreliable. Eden convicted him of all alleged offenses that also include hacking into computer equipment, money laundering, fraud, and income tax violations.


The prosecution had requested Zard to be sentenced to between 12 and 15 years in prison for crimes involving a new currency. However, his defense managed to convince the court to issue a reduced sentence of 8-year actual imprisonment plus probation. Zard’s lawyer, Giora Hazan, argued that although the offense was committed on a new platform, the damage itself was “normal and old.”


What’s your opinion about the court’s decision in the case of the large cryptocurrency theft in Israel? Let us know in the comments section below. Circle Intends to Become a Full-Reserve National Commercial Bank NEWS | 2 hours ago Chainalysis Announces It Will Include Dogecoin Coverage in Its Reports NEWS | 4 hours ago Tags in this story Afek Zard, Alexei Yaromenko, Be’er Sheva, Case, Charges, COIN, convicted, Court, Crypto, Cryptocurrencies, Cryptocurrency, dash, Defense, digital coins, district court, Fraud, Giora Hazan, Hacking, israel, Israeli, lawyer, Money Laundering, offenses, resident, sentence, sentences, steal, tax evasion, Theft, thief


Image Credits: Shutterstock, Pixabay, Wiki Commons Show comments

News Feed

Utrust and Lugano Are Bringing Crypto Payments to an Entire City
Utrust and Lugano Are Bringing Crypto Payments to an Entire City press release PRESS RELEASE.October 27th, Lugano Switzerland — The city of Lugano is the largest city in the canto
Terra founder Do Kwon wins appeal against US extradition
Helen Partz10 hours agoTerra founder Do Kwon wins appeal against US extraditionThe latest overruling by the Appellate Court of Montenegro marks another event in the long history of Kwon’s extradition process after his
BTC price to retest $72K as Bitcoin sets up $7B liquidation showdown
William Suberg9 hours agoBTC price to retest $72K as Bitcoin sets up $7B liquidation showdownBitcoin traders continue to look higher after a cooling-off period sees BTC price support stay firmly in place.7633 Total views
Dogecoin Activity Levels Crash To 4-Month Lows, Does This Spell Doom For The Meme Coin?
Este artículo también está disponible en español. Crypto analyst Ali Martinezhas revealed a bearish on-chain metric for Dogecoin, sparking a negative outlook for the fore
Bitcoin Hashrate Hits New All-Time High — Can Price Reclaim $100,000?
Este artículo también está disponible en español. According to recent blockchain data, the Bitcoin hashrate has been on the rise as it touched a new all-time high on Frid
Bitfarms Starts Construction of Mega Bitcoin Mining Farm in Argentina
Bitfarms Starts Construction of Mega Bitcoin Mining Farm in Argentina Bitfarms, a bitcoin mining company, announced last week that construction is underway for a mega bitcoin minin
North America’s First Bitcoin ETF Now Holds Over 11,000 BTC
North America"s First Bitcoin ETF Now Holds Over 11,000 BTC The first bitcoin exchange-traded fund (ETF) in North America now holds over 11,000 bitcoins. Purpose
IRS Special Agent on Crypto: ‘We See Mountains of Fraud in This Area’
IRS Special Agent on Crypto: "We See Mountains of Fraud in This Area" A special agent with the Internal Revenue Service (IRS) says the tax agency is “seeing mountains and mo
Hermi De Ramos11 hours agoRipple exec reiterates need for tech-neutral crypto regulationsNavin Gupta, managing director of South Asia, Middle East and North Africa (MENA) at Ripple, told Cointelegraph that education and
Bitcoin, Ethereum Technical Analysis: BTC Falls to 5-Month Low
Bitcoin, Ethereum Technical Analysis: BTC Falls to 5-Month Low The selloff in cryptocurrencies continued to start the week, with bitcoin falling to its lowest level since July. Eth
Crypto Users Claim Popular Bitcoin Paper Wallet Generator Is Compromised, Millions Allegedly Stolen
Crypto Users Claim Popular Bitcoin Paper Wallet Generator Is Compromised, Millions Allegedly Stolen A number of forum posts and tweets say that the website bitco
Bitcoin Dominates Q1: Altcoin Season Nowhere In Sight—Report
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu