{"id":226131,"date":"2022-08-12T07:38:35","date_gmt":"2022-08-12T12:38:35","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=226131"},"modified":"2022-08-12T13:09:14","modified_gmt":"2022-08-12T18:09:14","slug":"british-cryptocurrency-app-developer-loses-470k-to-gambling-hungry-embezzler","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/british-cryptocurrency-app-developer-loses-470k-to-gambling-hungry-embezzler\/","title":{"rendered":"Gambling Embezzler Siphons $470k From British Cryptocurrency App Developer"},"content":{"rendered":"

As if dealing with the recent and massive drop in cryptocurrency<\/a> prices wasn\u2019t enough, a company that facilitates crypto transactions now faces losses due to embezzlement.<\/p>\n

\"Four
Four Courts, Ireland, which houses the Supreme Court, the Court of Appeal, the High Court, and the Dublin Circuit Court. The court system is now reviewing a case involving an employee who embezzled hundreds of thousands of pounds to cover his alcohol and gambling addictions. (Image: Pinterest)<\/figcaption><\/figure>\n

UK-based Light Technology Limited operates Transak, a platform that allows users to buy and sell crypto through any app or website. In order to grow the platform, it employed a third-party company to provide certain resources.<\/p>\n

Niall Ryan of Dublin, Ireland, an account manager from the third-party company, subsequently tapped into the system. He now faces charges of stealing \u20ac460,000 (US$473,248) to feed his booze- and gambling-filled lifestyle.<\/p>\n

Crypto Crash<\/h2>\n

Ryan reportedly started off on the right foot with the company. He was managing invoicing and commission payments to Transak\u2019s customers and business partners. However, before long, he decided to start redirecting the company\u2019s assets.<\/p>\n

\n

Internal audits determined that the amount Ryan should have been collecting didn\u2019t match what the company received. As a result, Light Technology took a closer look at his activity. It discovered that he had been embezzling<\/a> funds.<\/p>\n<\/div>\n

As an account manager, Ryan was responsible for creating the invoices Transak sent to some of its customers. However, instead of putting the company\u2019s cryptocurrency wallet addresses on the invoices for remittance, he was listing his own.<\/p>\n

It\u2019s an easy swap to make that is almost imperceptible to most people. The wallet address is a unique routing code containing numbers and letters that only its creator knows (although forensics science has helped crack more than a few). It looks similar to a bank routing number, and there is no data in the address that identifies the wallet holder.<\/p>\n

After the company realized what was happening and determined how much it was missing, it confronted Ryan. He admitted to the theft and blamed it on his alcohol and gambling addictions<\/a>.<\/strong><\/p>\n

Simultaneously, he apologized and said that he wanted to pay the money back. However, Light Technology didn\u2019t believe him. Instead, it uncovered additional details about Ryan\u2019s actions that had it scrambling for immediate results.<\/p>\n

Pilfering Prevention<\/h2>\n

Light Technology had to request an emergency hearing in court in order to have Ryan\u2019s assets frozen. As his run was coming to an end, he apparently began telling the company\u2019s clients that he was leaving the business. At the same time, he allegedly began erasing emails and other data that may have helped build a case against him.<\/p>\n

The court fulfilled the request. But a deep freeze on all of Ryan\u2019s accounts won\u2019t be easy. While the order legally prevents him from accessing or moving the funds in his crypto wallets, it\u2019s possible Ryan already moved funds into untraceable destinations.<\/strong><\/p>\n

However, the order is in place. As the case continues and he faces criminal charges, the judge ordered him to maintain assets worth at least the value of the embezzlement. The judge, Light Technology, and Ryan will return to the courtroom next week to continue the battle.<\/p>\n","protected":false},"excerpt":{"rendered":"

As if dealing with the recent and massive drop in cryptocurrency prices wasn\u2019t enough, a company that facilitates crypto transactions now faces losses due to embezzlement. UK-based Light Technology Limited operates Transak, a platform that allows users to buy and sell crypto through any app or website. In order to grow the platform, it employed […]<\/p>\n","protected":false},"author":64,"featured_media":226130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62],"tags":[13766,81919,81952,82142],"acf":[],"yoast_head":"\nGambling Embezzler Siphons $470k From British Cryptocurrency App Developer - Casino.org<\/title>\n<meta name=\"description\" content=\"As if dealing with the recent and massive drop in cryptocurrency prices wasn\u2019t enough, a company that facilitates crypto transactions now faces losses due\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gambling Embezzler Siphons $470k From British Cryptocurrency App Developer - Casino.org\" \/>\n<meta property=\"og:description\" content=\"As if dealing with the recent and massive drop in cryptocurrency prices wasn\u2019t enough, a company that facilitates crypto transactions now faces losses due\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/british-cryptocurrency-app-developer-loses-470k-to-gambling-hungry-embezzler\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-12T12:38:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-12T18:09:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/Four-Courts-Ireland.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1440\" \/>\n\t<meta property=\"og:image:height\" content=\"810\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Erik Gibbs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Erik Gibbs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/british-cryptocurrency-app-developer-loses-470k-to-gambling-hungry-embezzler\/\",\"url\":\"https:\/\/www.casino.org\/news\/british-cryptocurrency-app-developer-loses-470k-to-gambling-hungry-embezzler\/\",\"name\":\"Gambling Embezzler Siphons $470k From British Cryptocurrency App Developer - Casino.org\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/british-cryptocurrency-app-developer-loses-470k-to-gambling-hungry-embezzler\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/british-cryptocurrency-app-developer-loses-470k-to-gambling-hungry-embezzler\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/Four-Courts-Ireland.jpg\",\"datePublished\":\"2022-08-12T12:38:35+00:00\",\"dateModified\":\"2022-08-12T18:09:14+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/21bf33e35290a1da9c572298dac6b7ca\"},\"description\":\"As if dealing with the recent and massive drop in cryptocurrency prices wasn\u2019t enough, a company that facilitates crypto transactions now faces losses due\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/british-cryptocurrency-app-developer-loses-470k-to-gambling-hungry-embezzler\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/british-cryptocurrency-app-developer-loses-470k-to-gambling-hungry-embezzler\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/british-cryptocurrency-app-developer-loses-470k-to-gambling-hungry-embezzler\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/Four-Courts-Ireland.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/Four-Courts-Ireland.jpg\",\"width\":1440,\"height\":810,\"caption\":\"Four Courts, Ireland, which houses the Supreme Court, the Court of Appeal, the High Court and the Dublin Circuit Court. The court system is now reviewing a case involving an employee who embezzled hundreds of thousands of pounds to cover his alcohol and gambling addictions. (Image: Pinterest)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/british-cryptocurrency-app-developer-loses-470k-to-gambling-hungry-embezzler\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Gambling Embezzler Siphons $470k From British Cryptocurrency App Developer\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/21bf33e35290a1da9c572298dac6b7ca\",\"name\":\"Erik Gibbs\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-13-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-13-96x96.png\",\"caption\":\"Erik Gibbs\"},\"description\":\"Erik Gibbs covers global gaming news for Casino.org. His scope includes Europe, Latin America, the Caribbean and Asia. Erik has covered gaming markets in Europe and Asia for the past six years. Erik joined Casino.org in November 2021. Erik has written for numerous gambling- and a handful of industry publications has quoted casino-related media outlets over the years and. He is always excited to bring a new perspective on what's happening in the gaming space. Erik enjoys following the global gaming industry, paying particular attention to innovation and regulation. Originally from the US, Erik has spent extensive time living in various countries across the globe. He enjoys anything that has to do with the outdoors and exploration, although he readily admits that he would have no trouble spending all day fishing on a boat. He currently resides in Spain. Contact Erik at erik.gibbs@casino.org.\",\"url\":\"https:\/\/www.casino.org\/news\/author\/erik-gibbs\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Gambling Embezzler Siphons $470k From British Cryptocurrency App Developer - Casino.org","description":"As if dealing with the recent and massive drop in cryptocurrency prices wasn\u2019t enough, a company that facilitates crypto transactions now faces losses due","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Gambling Embezzler Siphons $470k From British Cryptocurrency App Developer - Casino.org","og_description":"As if dealing with the recent and massive drop in cryptocurrency prices wasn\u2019t enough, a company that facilitates crypto transactions now faces losses due","og_url":"https:\/\/www.casino.org\/news\/british-cryptocurrency-app-developer-loses-470k-to-gambling-hungry-embezzler\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2022-08-12T12:38:35+00:00","article_modified_time":"2022-08-12T18:09:14+00:00","og_image":[{"width":1440,"height":810,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/Four-Courts-Ireland.jpg","type":"image\/jpeg"}],"author":"Erik Gibbs","twitter_card":"summary_large_image","twitter_creator":"@Casino_Org","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Erik Gibbs","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/british-cryptocurrency-app-developer-loses-470k-to-gambling-hungry-embezzler\/","url":"https:\/\/www.casino.org\/news\/british-cryptocurrency-app-developer-loses-470k-to-gambling-hungry-embezzler\/","name":"Gambling Embezzler Siphons $470k From British Cryptocurrency App Developer - Casino.org","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/british-cryptocurrency-app-developer-loses-470k-to-gambling-hungry-embezzler\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/british-cryptocurrency-app-developer-loses-470k-to-gambling-hungry-embezzler\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/Four-Courts-Ireland.jpg","datePublished":"2022-08-12T12:38:35+00:00","dateModified":"2022-08-12T18:09:14+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/21bf33e35290a1da9c572298dac6b7ca"},"description":"As if dealing with the recent and massive drop in cryptocurrency prices wasn\u2019t enough, a company that facilitates crypto transactions now faces losses due","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/british-cryptocurrency-app-developer-loses-470k-to-gambling-hungry-embezzler\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/british-cryptocurrency-app-developer-loses-470k-to-gambling-hungry-embezzler\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/british-cryptocurrency-app-developer-loses-470k-to-gambling-hungry-embezzler\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/Four-Courts-Ireland.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/Four-Courts-Ireland.jpg","width":1440,"height":810,"caption":"Four Courts, Ireland, which houses the Supreme Court, the Court of Appeal, the High Court and the Dublin Circuit Court. The court system is now reviewing a case involving an employee who embezzled hundreds of thousands of pounds to cover his alcohol and gambling addictions. (Image: Pinterest)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/british-cryptocurrency-app-developer-loses-470k-to-gambling-hungry-embezzler\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Gambling Embezzler Siphons $470k From British Cryptocurrency App Developer"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/21bf33e35290a1da9c572298dac6b7ca","name":"Erik Gibbs","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-13-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-13-96x96.png","caption":"Erik Gibbs"},"description":"Erik Gibbs covers global gaming news for Casino.org. His scope includes Europe, Latin America, the Caribbean and Asia. Erik has covered gaming markets in Europe and Asia for the past six years. Erik joined Casino.org in November 2021. Erik has written for numerous gambling- and a handful of industry publications has quoted casino-related media outlets over the years and. He is always excited to bring a new perspective on what's happening in the gaming space. Erik enjoys following the global gaming industry, paying particular attention to innovation and regulation. Originally from the US, Erik has spent extensive time living in various countries across the globe. He enjoys anything that has to do with the outdoors and exploration, although he readily admits that he would have no trouble spending all day fishing on a boat. He currently resides in Spain. Contact Erik at erik.gibbs@casino.org.","url":"https:\/\/www.casino.org\/news\/author\/erik-gibbs\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/226131"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/64"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=226131"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/226131\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/226130"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=226131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=226131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=226131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}