Australian Police Officer Accused of Stealing M in Bitcoin from Drug Raid

The National Anti-Corruption Commission (NACC) of Australia has leveled accusations against a federal police officer, Detective Sergeant William Wheatley, for allegedly stealing Bitcoin (BTC) worth over $4 million during a drug raid. Reports reveal that a Trezor hardware wallet containing 81.62 Bitcoins was discovered during the operation, but upon obtaining court approval for access, investigators found the coins missing, allegedly moved by Wheatley shortly after the raid. The trail led to the Binance crypto exchange, with suspicions initially directed towards a crime syndicate associate, but the focus shifted to Wheatley after analyzing IP addresses linked to the stolen BTC.

Crypto theft remains a significant challenge in the Web3 industry, with cybercriminals exploiting vulnerabilities to steal funds. In 2022, over $3.7 billion worth of crypto was stolen, a trend that continued in 2023, albeit with a decrease to $2 billion in stolen assets. Notably, government-sponsored cyber espionage groups from North Korea emerged as key perpetrators, stealing between $630 to $1 billion. Despite this, advancements in crypto-tracing tools have introduced transparency and accountability, aiding law enforcement in tracking illicit transactions. However, recent security breaches like Trezor’s data breach highlight ongoing risks, with attackers exploiting vulnerabilities to access users’ recovery seeds, emphasizing the importance of robust security measures in safeguarding crypto assets.