A major crypto heist in Dubai has ended with a strong court decision. A woman received a jail sentence after stealing cryptocurrency worth about $1 million. The crime happened during a simple business meeting. The case shows how fast crypto fraud can happen and how firmly Dubai now deals with such crimes.
The incident started with a business proposal. An investor met a man who claimed to run an investment company. The man showed interest in funding a project. He asked the investor to prove he had enough funds. The investor agreed and planned a meeting in Dubai. He brought his hardware wallet to show his crypto holdings.
On the meeting day, the man did not attend. His wife came instead. She said her husband could not come due to a sudden issue. The meeting continued as planned. During the discussion, the woman asked to see the hardware wallet. The device stores access to digital assets.
In just a few seconds, she carried out a wallet swap. She replaced the real hardware wallet with a fake one that looked the same. The investor did not notice anything wrong at that moment. The meeting ended without any sign of trouble.
Later, the investor checked his wallet. He saw that his cryptocurrency was gone. The funds had moved to other wallets without permission. The total loss reached around $1 million. He immediately contacted Dubai Police and filed a complaint.
The police investigation revealed a planned scam. The fake wallet allowed the criminals to control the private keys. This made it easy to move the crypto. Court records showed that the woman worked with her husband. He helped plan the crime. He escaped and remains missing.
Dubai’s Misdemeanours and Infractions Court treated the crypto heist as a serious crime. The court convicted the woman of theft and fraud. She received a 2 month jail sentence. The judge also ordered a fine equal to the stolen amount. After serving her sentence, she will be deported. The Court of Appeal later confirmed this ruling.
The investor also filed a civil case. He asked for full compensation. He explained that the value of the stolen crypto had increased after the theft. The court accepted this claim. Judges ordered the woman to pay Dh4.3 million. This equals about $1.17 million. The court also added 5 percent yearly interest until full payment.
The ruling sent a clear message on investor protection. Dubai courts now treat cryptocurrency as financial property. Legal experts say this decision strengthens trust in the crypto market.
The case also highlights a key risk. Hardware wallets protect crypto online. They remain vulnerable during physical handling. Experts advise investors to avoid handing devices to unknown people. Strong checks and caution remain necessary.
Dubai aims to grow as a global crypto hub. This case shows that strict laws support that goal. Crimes involving digital assets will face firm action.
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