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Police looking for $500k in cryptocurrency missing from New Stanton man | TribLIVE.com
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Police looking for $500k in cryptocurrency missing from New Stanton man

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State police are looking for $524,594 worth of cryptocurrency that appears to have vanished from a New Stanton man’s online account.

The 54-year-old man said he discovered the missing money this week, but it could have disappeared anytime since early December, according to state police.

Cryptocurrencies are a form of digital cash that have been around since the invention of Bitcoin in 2008. State police spokesman Stephen Limani said PSP’s computer science experts are working to determine how the thieves got into the New Stanton man’s account.

“Is it somebody local… or is it a hacker?” Limani said.

Most cryptocurrencies are by design virtually untraceable. Once the money leaves an account, it’s almost impossible to figure out where it’s gone.

Bitcoin is among the most popular type of cryptocurrency, but the New Stanton man instead invested in one of the many alternate options that have sprung up over the last few years.

Limani said he couldn’t name the specific currency the man owned, but that it was tied to the gold standard. There are dozens of cryptocurrencies matching that description.

Unlike traditional money, which is regulated and distributed by governments and banks, cryptocurrency is decentralized, maintained by technology and its users.

State police have previously investigated scammers who talk their victims into investing in Bitcoin then making off with their money, but tracking down stolen cryptocurrency is a very different type of investigation, Limani said.

Most cryptocurrencies are by design virtually untraceable. Once the money leaves an account, it’s almost impossible to figure out where it’s gone.