A 40-year-old Dutch National working on his computer science PhD at Oxford University has been jailed for four and a half years after he admitted to being behind the 2018 IOTA hack that resulted in the loss of millions of dollars worth of users’ funds from across the globe. The suspect admitted to stealing $2.5 million in IOTA tokens.
Wybo Wiersma Created a Fake Website that Stole Wallet Seed Phrases
Wybo Wiersma, of Het Weike, Goredijk, the Netherlands, was sentenced on January 27th at Oxford Crown Court after a five-year investigation by the South East Regional Organised Crime Unit (SEROCU). His arrest resulted from years of investigations between SEROCU, Germany’s Hessen State Police and Europol.
Wiersman lured his victims through a fake phishing website, Iotaseed.io, that tricked users into creating 81-digit keys for their IOTA wallets and also kept a record of them. He would then use the stolen keys to access the victim’s wallets and transfer IOTA to other wallets on crypto exchanges created using fake IDs.
Bitfinex Became Suspicious of Multiple Accounts Controlled by Wiersman
But his plot was halted in its tracks after Bitfinex noted suspicious behaviour from accounts controlled by Wiersma. When the crypto exchange requested ID verification, he used a fake Belgian passport with the outline of the map of Belgium wrong on the document. In another account, he sent a fake Australian passport.
The two accounts were then frozen, but he opened five more on Binance using fake IDs. He then transferred the IOTA and exchanged it for Monero (XMR).
Wiersma was Initially Arrested and then Released
By that time, victims had already alerted authorities, and his transactions were scrutinised by law enforcement. In January 2019, his home in Oxford was raided, and his desktop was examined. At first, he claimed he had been hacked and gave ‘no comment’ replies about the Iotaseed.io website. He was released without charge, and he returned to the Netherlands.
His Alias Was Discovered in His University Coursework
But the name Norbert Van Den Berg was featured in his University coursework. The same name was used to open the Iotaseed.io website. This discovery led to his being rearrested and charged with theft.
Judge Michael Gledhill, who delivered the 4.5-year sentence, said.
© Solana Daily Brief, Inc. All Rights Reserved. This article is for informational purposes only. It is not to be used as legal, tax, investment, financial, or other advice.You are a 40-year-old man of very high intelligence. At the time of this offence, the thefts that I have been told about on no less than 99 victims, you were a postgraduate student at St Cross College in Oxford.
You are an expert in IT and computer sciences . . . The fact of the matter is that you decided to abuse your skills in order to steal. This is dishonesty at the highest level.
Why did you commit these offences? Greed and dishonesty are the two words that readily come to mind. I find it difficult to understand when I am told you are a practising Christian.