A judge sentenced Australian citizen Catherine Nguyen to a maximum of 2 years and 3 months in prison for her role in stealing more than 100,000 XRP coins in January 2018.
According to an August 11th report in the Australian Information House, Nguyen was convicted two years ago of stealing more than $ 300,000 from XRP. She was originally charged in October 2018 and convicted of fraud the following August.
Chris Craigy, the judge leading the Nguyen case, said sending her to prison was “a difficult and worrying decision.” An Australian citizen must be eligible for parole in October 2021.
First Australian crypto fraud case
Nguyen was one of the first to be accused of stealing crypto assets in Australia.
In January 2018, she reportedly hacked an email of a 56-year-old man of the same last name and stole all of his XRP holdings before relinquishing control of the account two days later. This was at a time when the cryptocurrency asset was nearing an all-time high of $ 3.84.
According to reports, Nguyen transferred XRP holdings to a Chinese crypto exchange, where it traded Bitcoin tokens (BTC) and sent them to multiple wallets for possible money laundering. According to local news agency 7News Sydney, Chinese authorities have only been able to recover about $ 9,000.
XRP is disadvantageous
Since then, XRP has dropped to $ 0.30, so the value of the stolen cryptocurrency is now around $ 30,000.