An employee of a cryptocurrency trading company stole 800,000 Dirham (near $200 000). The firm lodged a case against him after detecting discrepancies in the transaction amounts being entered and registered in the system.
“The lawsuit alleged that the employee had taken the position to found fake accounts and embezzle the money” – says Hashim Al Qaiwani, director of the expertise and disputes settlement department.
The department commissioned an expert to investigate the company records, analyzing his computer and accumulating data to determine the extent of the scam and the damages incurred by the company.
It came to the fore that the accused maintained exceptional experiences in managing and developing cryptocurrency trading systems. He circumvented the company’s software that was used to record digital transactions.
He would convert a small portion of the currency traded on the platform.
Then, he would enter the database platform and upload false information into the fake virtual accounts to convert the money to his account and other cryptocurrency trading platforms
The employer had no reason to suspect the employee as he had developed the cryptocurrency trading platform and earned laurels for it.
Unfortunately, due to the management’s lack of expertise in implementing IT security systems, they could not detect his fraudulent activities. As the entire technical staff used the administrator’s username, it was tough to trace the fraud and zero in on the culprit.
The company’s management found that there were differences in the amounts being entered and recorded in the system regarding trading transactions sent and received by individual traders.
The man responsible for the fraud known after personal communications on his computer showed that he had received substantial amounts of money, and was planning to buy a home with it.
His false username also discovered through these chats; the report pointed out.