Doha – A complex international investigation involving French and Moroccan authorities has led to the indictment in Paris of a 24-year-old suspect accused of hacking South Korea’s Coinrail platform in 2018, with current losses estimated at €210 million ($227 million), according to information revealed by French authorities.
According to France Inter radio outlet, the suspect was arrested on Tuesday and formally charged on Friday after three years of investigation by the French cybercrime unit.
Johanna Brousse, deputy prosecutor and head of the cyber division at the Paris prosecutor’s office, explained to the radio that while the initial theft amounted to €26 million in 2018, the stolen cryptocurrency’s value has since surged to €210 million due to market appreciation.
The breakthrough in the case came in 2021 when investigators identified potential perpetrators while investigating the separate Gatehub platform hack.
Three suspects were questioned, including one in Morocco, with each deflecting responsibility for the 2018 virtual currency theft.
The investigation accelerated when authorities noticed one suspect’s suddenly extravagant lifestyle, Brousse told France Inter.
The suspect was then apprehended in January at the French-Swiss border while driving a €700,000 luxury vehicle and wearing an €80,000 watch purchased with cryptocurrency.
The arrest occurred upon his return from Saint-Barthélemy. During searches, investigators seized luxury items from his residence and froze substantial bank account funds.
The suspect faces charges of “organized theft, organized money laundering, and attacks on automated data processing systems.” His girlfriend has also been indicted for “organized money laundering.”
The successful operation required extensive international cooperation spanning Morocco, South Korea, Monaco, and the United Arab Emirates, where the suspect claimed residence.
The suspect has been placed in provisional detention pending a hearing, having requested a delayed appearance before the liberty and detention judge.
This high-profile case emerges as Morocco continues strengthening its cybersecurity capabilities. Recent data shows the country’s impressive progress, with its Global Cybersecurity Index score rising from 82.4% in 2020 to 97.5% in 2024, placing it among the top five Arab nations.
According to Trend Micro, Morocco faced significant cyber threats in 2023, with 52 million attacks detected and blocked, including 40 million email threats, 1.6 million malicious URL attacks, and 3.7 million malware incidents.
The country maintains various cybersecurity institutions, including the General Directorate for Information Systems Security (DGSSI) and the Moroccan Computer Emergency Response Team (maCERT), working to combat the growing sophistication of cyber threats.
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