Washington Man Admits Stealing $53,000 Worth of Bitcoin from Niagara Falls Company
A Washington state man has been caught stealing Bitcoin from a Niagara Falls mining company. Christopher Rankin, 40, admitted to secretly taking control of about 100 computers and redirecting them to his own mining pool. The computers were originally connected to a 'mining pool' where many work together and share the rewards. By doing this, Rankin was able to send the earned Bitcoin to digital wallets he controlled.
Prosecutors say Rankin also set the computers to run at maximum performance, causing damage and shortening their useful lifespans. The company ultimately lost 1.06683386 Bitcoin, which was worth about $53,316 at the time.
Rankin pleaded guilty to transmitting a program, information, code, or command to a protected computer and causing damage. This charge carries a maximum penalty of one year in prison and a fine of $100,000. Sentencing is scheduled for November 17.