• 31-year-old Mark Shin of Aurora, Colorado has been charged with theft, cybercrime, and money laundering for allegedly stealing $9 million in crypto funds.
• Shin is believed to have noticed an “unintended vulnerability” in the ICON Nation cryptocurrency update and used it to mint unauthorized ICX.
• Defense attorneys argue that Shin did not engage in thievery but rather saw a “golden opportunity” and chose to take advantage.
Mark Shin Charged with Crypto Theft
31-year-old Mark Shin of Aurora, Colorado 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 that drained the ICON Nation cryptocurrency network of approximately 13,924,045 unauthorized ICX (roughly equivalent to $8,988,406 USD at the time).
Vulnerability Discovered by Mark Shin
Shin is believed to have noticed an “unintended vulnerability” in the ICON Nation cryptocurrency update and used it to mint unauthorized ICX instead of reporting it. His defense attorney argues that he did not engage in thievery but rather saw a “golden opportunity” and chose to take advantage.
Reaction from Legal Analysts
Chris Decker – defense attorney – issued a statement regarding his feelings on the case saying: „I love this case. I think it’s fascinating.“ George Brachler – legal analyst and former 18th Judicial District attorney – said this case is baffling and nothing like what he’s ever seen before saying: „I don’t think [defense argument] will because he acts guilty.“
Evidence Used Against Mark Shin
Prosecutors are claiming that Shin used a spinning service called Tornado Cash to move all the money into other wallets so as to disguise ownership and amount stolen. This is being used against him as evidence indicating guilt.
Conclusion
At the time of writing for this article, Mark Shin faces charges related to theft , cybercrime ,and money laundering for allegedly draining the ICON Nation cryptocurrency network of $8 million dollars worth of ICX tokens. His defense attorneys are arguing that he did not engage in thievery but rather saw a “golden opportunity” while prosecutors are citing evidence indicating guilt such as using Tornado Cash services to move funds into other wallets while disguising ownership amount stolen etc..