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Two brothers from Israel suspected of stealing $100 million worth Bitcoin

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Crypto crimes are becoming prevalent whether they are committing on the internet or threatening the crypto holders physically. Ponzi schemes, Phishing, lucrative offers and hacking attacks have become the most common illicit activities through which criminals are fooling the people and stealing the cryptocurrencies. One such a case recently surfaced as two brothers from Jerusalem, Israel, were arrested by investigators of the national cyber unit at Lahav 433 for stealing $100 million from the international Bitcoin exchanges. According to investigators, they use the popular Phishing method to dupe the users and steal their credentials.

The brothers named Eli Gigi, 31 and Assaf Gigi 21, have been arrested for breaking into crypto wallets in which myriad Bitcoins were stored. According to report published on Posta, they have been stealing virtual currencies over a long period of time during which they have made many small as well as large scale successful attempt and had stolen Bitcoin worth $100 million till now. The investigation file was first opened back in 2017. Police investigating the case said that the brothers were using widely known Phishing method to lure the users and steal their usernames and passwords. Phishing allowed them to create a similar website of popular crypto exchanges and wallet downloading sites. After receiving the required credential, they allegedly exploited the wallets for the purpose of stealing crypto coins worldwide.

Eli Gigi is a 31-year-old graduate from the Hebrew University of Jerusalem who enlisted in the Talpiot unit in the Israel Defense Forces/IDF, an academic military excellence program to train technological security leaders for the research and development of weapons systems for the IDF. Coming to the younger brother, Assaf Gigi, there aren’t many details available as he remained silent during his interrogation.

At the Rishon Lezion Magistrate’s Court, police claimed that Eli Gigi linked himself to some of the offenses, but his lawyer, attorney Ilan Sofer, on the contrary, said that he admitted “actions that could complicate him by tens of thousands of shekels,” without any suspicion of the suspect being interrogated by the police. Eli Gigi said in court: “I was wrong, I came from a bad place. I’m a good boy, and I’m sorry. I’m willing to cooperate.”

Judge Guy Avnon: “It is clear that this is an educated person, a young man who has no previous convictions, and I have found that at this stage of the proceedings, these facts do not change the need to order the suspect’s detention.”

Assaf is represented by Adv. Doron Eitani of the Gblanga-Eitani firm and the detention of the brothers was extended until Monday or 24th of June.

Jacob Lucas

Jacob Lucas

Jacob has been active in the cryptocurrency markets since 2010, specializing in Bitcoin. He received education as Certified public accountant, specializing in taxes and cost management. Looking for alternative sources of income due to some personal struggles Jacob discovered Bitcoin 2010, showing some commitment and first to learn and get all the basics. Jacob made his fists investment in bitcoin in 2011 and has been successful in the field. Writing in the field is part of Jacob’s commitment to share knowledge with others.

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