Australian Man Charged With Stealing $110,000 Worth of Bitcoin

Since bitcoin has gained enormous value, it’s become a target for criminals, no doubt. Which is why it probably comes as no surprise that a 21-year-old man (who has not been named) from Queensland, Australia has been charged for stealing a whopping $110,000 worth of bitcoin.

That’s according to the Queensland Police, who posted the information up on their news page Wednesday.

This isn’t the man’s first run-in with the law. Back in mid-March he was arrested for hacking into a US-based gaming company’s network (believed to be Riot Games), forcing the company to reset the passwords of League of Legends players.

According to today’s announcement, “Police will allege the man had possession of approximately $110,000 worth of Bitcoin (a digital currency) he allegedly obtained from these offenses and will now be considered proceeds of crime.”

Details on this front are particularly scarce, so it isn’t immediately clear as to whether or not any of the bitcoin loot in possession by the suspect was converted into Australian dollars.

At the present exchange rate, $110,000 dollars is the equivalent of about 195 bitcoins (subject to fluctuate, given bitcoin’s volatility).

The man was charged with tainted property and breach of bail offenses and will be required to appear at Hervey Bay Magistrates Court come 24 July 2014.

[textmarker color=”C24000″]Source[/textmarker] Gizmodo Australia