Man sues parents of children who stole his bitcoin

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He claims the kids stole around $ 1 million worth of crypto from him. 16 Bitcoin gone

A man is suing the parents of young men who he says stole around $ 1 million worth of Bitcoin from him.

Andrew Schober, a man from Colorado, claims he had 16.4 Bitcoins stolen in 2018, according to KrebsonSecurity. After working with investigators, he now says he discovered the identities of the boys who, while they were both miners, tricked Schober into transferring the Bitcoin in their possession using malware.

The boys, who live in the UK and are now in college, have not responded to Schobers’ attempts to get the money back. When the man contacted their parents, they also ignored his attempts to contact. Now Schober has sued both parents of the boys in an attempt to get his money back.

Malicious malware

To understand how Schober got his money stolen, you need to understand how crypto is traded.

To have cryptocurrencies like Bitcoin, you need a cryptocurrency wallet. This digital wallet comes with two sets of numbers called keys: a public key and a private key. The public key allows people to make payments to your wallet. While private keys allow you to spend your crypto.

Schobers’ troubles started in 2018 when he clicked on a Reddit link purported to be for a crypto wallet app called Electrum Atom. However, he ended up accidentally downloading malware onto his computer.

The lawsuit says that when he tried to move his 16.4 Bitcoin from one wallet to another, he copied what he thought was his wallet key, but the malware swapped it with one that belonged to the boys. .

Go to court

Schober is now in litigation with the parents who argued that since the crime happened so long ago, the crime is now nil.

The plaintiff alleges two common law causes of action (conversion and infringement of property), for which a three-year limitation period applies, defendants’ counsel argued in a file obtained by KrebsonSecurity. The plaintiff further alleges a federal statutory cause of action, for which a two-year limitation period applies. Because the claimant did not file his lawsuit until May 21, 2021, three years and five months after his injury, his claims should be dismissed.

The contentious procedure is still ongoing. But it will be a very interesting look at how the legal system is responding to the new world of cryptocurrency theft. No doubt we’ll see more of this in the future.

READ MORE: Stolen 16 Bitcoin man sues parents of young thieves [KrebsonSecurity]

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