Trading Software Remote Control Allan Jones
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An Ontario investor, Allan Jones, lost $55,000 in cryptocurrency after attempting to download trading software online. A company contacted him, offering assistance in installing the software remotely, but instead, they drained his Bitcoin account. Malware had been installed on his computer, leading to the loss of his cryptocurrency. Police initially couldn't press charges due to the secretive nature of the suspects. However, over the course of four months, a joint effort by Durham police, the Crown law office, and the RCMP managed to track and recover the stolen funds using blockchain technology. Jones was astonished and relieved to have all his money returned, considering the rarity of such recoveries. He converted the returned Bitcoin back into cash and plans to be more cautious with future investments.
This exchange or platform is based in Canada, or the incident targeted people primarily in Canada.[1][2]
About Unknown
"Jones said he became interested in cryptocurrencies and last summer bought almost one bitcoin for $55,000. Once he had the cryptocurrency, he went online to download software to manage it.
"I had bought some Bitcoin and I was going online to see how to trade it," said Jones.
Jones went on Google and researched software programs to trade Bitcoin and found a program for $350.
When he tired to download it to his computer, the company called him and offered to help him install it.
While the company had remote access to his computer, Jones became concerned as he watched his Bitcoin account begin to empty and it appeared his account was being drained."
""I said 'What are you doing? Why are you in my Bitcoin? How did you get there?'" Jones said.
"They said 'We are not taking your Bitcoin, sir. We are just opening an account for you,' but that wasn't true. They were actually downloading it and it (the Bitcoin) was disappearing in front of my eyes."
Malware had been remotely installed on his system and his $55,000 in Bitcoin was gone.
Police were not able to lay charges, as the suspects involved in the fraud operate in secrecy and could be anywhere in the world.
Snow says anyone investing in cryptocurrencies needs to be cautious.
"Just be cognizant that there are a lot of companies out there that are fraudulent and want to steal your money," Snow said."
"An Ontario investor who lost $55,000 in cryptocurrency funds said he can't believe his good fortune after getting his stolen money back.
"Over the next four months, Durham police, the Crown law office, and the RCMP followed the block chain to recover Jones' funds.
Jones was shocked and relieved to get all his money back.
"It was like winning the lottery. There was no chance to get it back, but we had to try and I am so lucky to have the funds recovered," he said."
"It's a million to one. I'm certainly the luckiest guy in Ontario," Oshawa, Ont. man Allan Jones told CTV News Toronto.
Durham Regional Police said recovering stolen cryptocurrency is extremely rare and they believe it's only the second investigation in Ontario that has resulted in the recovery of funds.
"I think Mr. Jones was very fortunate and lucky," Det.-Const. Taryn Snow with Durham Police’s Financial Crimes Unit said.
"Jones says when he got back his $55,000 in Bitcoin, he converted back into cash and put it in his bank account and he plans to be more careful with his investments in the future."
This exchange or platform is based in Canada, or the incident targeted people primarily in Canada.
The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.
Include:
- Known history of when and how the service was started.
- What problems does the company or service claim to solve?
- What marketing materials were used by the firm or business?
- Audits performed, and excerpts that may have been included.
- Business registration documents shown (fake or legitimate).
- How were people recruited to participate?
- Public warnings and announcements prior to the event.
Don't Include:
- Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
- Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.
The Reality
This sections is included if a case involved deception or information that was unknown at the time. Examples include:
- When the service was actually started (if different than the "official story").
- Who actually ran a service and their own personal history.
- How the service was structured behind the scenes. (For example, there was no "trading bot".)
- Details of what audits reported and how vulnerabilities were missed during auditing.
What Happened
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
| Date | Event | Description |
|---|---|---|
| February 8th, 2022 4:50:00 PM MST | CTV News Article | CTV News publishes an article about Allan Jones' loss. |
Technical Details
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?
Total Amount Lost
The total amount lost has been estimated at $55,000 USD.
How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
Immediate Reactions
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?
Ultimate Outcome
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?
Total Amount Recovered
The total amount recovered has been estimated at $55,000 USD.
What funds were recovered? What funds were reimbursed for those affected users?
Ongoing Developments
What parts of this case are still remaining to be concluded?
Individual Prevention Policies
No specific policies for individual prevention have yet been identified in this case.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.