• Mark Shin of Colorado has been charged with massive crypto theft.
• He allegedly noticed an unintended vulnerability in the ICON Nation cryptocurrency and changed the vote/select delegate function 558 times over 11 hours to mint unauthorized ICX totaling $8,988,406.
• His defense is arguing he was taking advantage and not stealing.

Mark Shin of Colorado Charged with Massive Crypto Theft

A man from Aurora, Colorado named Mark Shin has been accused of stealing approximately $9 million in crypto funds. The 31-year-old has been charged with theft, cybercrime, and money laundering for allegedly taking part in a scheme back in April of 2020 through his home computer.

Details of the Alleged Crime

Shin is believed to have noticed an “unintended vulnerability in the revision 9 update” of the ICON Nation cryptocurrency. Instead of reporting this to ICON Foundation/Nation, court documents allege that Shin took part in a scheme that ultimately drained the network and made him an instant digital millionaire. Documents state he changed the vote/select delegate function 558 times over an 11-hour period to mint unauthorized ICX. From his personal computer, Shin minted and stole from the ICON Nation approximately 13,924,045 unauthorized ICX which was roughly equivalent to approximately $8,988,406 U.S dollars at the time of attack.

Defense Argument

Chris Decker – defense attorney – issued a statement regarding his feelings on this case stating he thinks it’s fascinating and that Shin used code written by cryptocurrency to create his own currency instead of taking someone else’s property. George Brachler – legal analyst and former 18th Judicial District attorney – said this case is baffling but doesn’t think Shin’s argument will be successful because he „acts guilty“. Prosecutors are claiming that Shin used a spinning service called Tornado Cash to try disguising who owned what amount after stealing it all away.

The Possible Outcome

The outcome for this case isn’t quite clear yet as there are plenty more details likely yet to be revealed as things progress further into trial or plea negotiations if applicable . It’ll be interesting to see how exactly all these events unfold as nobody expected such a large amount of crypto funds were moved around without detection until now..

Conclusion

This story serves as a reminder for us all that no matter how secure one believes their network may be they should always watch out for any possible vulnerabilities or bugs that could potentially cause issues like this one did here with Mark Shin taking advantage making off with millions without anyone noticing until now..

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