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Expert contracted to set up security system for client ends up stealing $600k in crypto

Expert contracted to set up security system for client ends up stealing $600k in crypto
Justinas
Baltrusaitis
1 month ago
2 mins read

Police in Florida have arrested a cybersecurity expert for allegedly stealing about $575,910 in cryptocurrencies from a client. 

The suspect, identified as 27 years old, Aaron Daniel Motta reportedly transferred the digital assets while setting up the victim’s security system, WFLA reports

Particulars of the case indicate that Motta stole the client’s Trezor hardware wallet and accessed the password before transferring the funds to his own wallet. 

Interestingly, on Linkedin, Motta describes himself as a “certified ethical hacker” and “CyberSec analyst” operating the Motta Management & Mitigation Services. The suspect is out on bond after being charged with two counts of grand theft and offenses against computer users. 

Hackers exploiting hardware wallets vulnerabilities 

Although the hacker accessed Trezor’s password which was at the same place, the hardware wallet is considered to be among the safest in the world for storing digital currencies. Despite the guarantee of safety, hackers exploit vulnerabilities in such wallets to steal crypto from unsuspecting holders. 

For instance, as reported by Finbold, Trezor hardware cryptocurrency wallets users recently became the targets of a new phishing campaign. The attack involved a social engineering breach of the major email marketing platform Mailchimp and stealing its client data.

The hackers reportedly sent out mass emails to Trezor users claiming that their accounts were compromised in a data breach. The bad actors directed the holders to update their Trezor Suite alongside setting up a new PIN. 

This comes after Trezor early this year stated that it had fixed some vulnerabilities in the wallet like copying the key and PIN into RAM. The response followed a detailed video where a YouTuber explained how he hacked the wallet and recovered about $2 million. 

Elsewhere, as per a Finbold’s report, a cryptocurrency investor identified as Phillipe Christodoulou claimed that he lost about $600,000 in Bitcoin through a fake Trezor’s wallet app downloaded from the App Store. The app is said to have mirrored attributes of the authentic Trezor app with exact branding and good ratings. 

Featured photo by Pinellas County Jail

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Justinas Baltrusaitis
Author

Justin crafts insightful data-driven stories on finance, banking, and digital assets. His reports were cited by many influential outlets globally like Forbes, Financial Times, CNBC, Bloomberg, Business Insider, Nasdaq.com, Investing.com, Reuters, among others.

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