Report: Zimbabwean Crypto Trader Uses Recovery Phrase to Steal Digital Assets Worth $457K From Client
A Zimbabwean crypto dealer,
Lloyd Chiyangwa, has been accused of siphoning more than
$457,000 worth of assets from crypto wallets belonging to one of his clients, a report has said.
As per the report in the Herald, Chiyangwa’s
client initially bought the digital assets in July 2020 from an unidentified United Kingdom-based company.
Although Chiyangwa is alleged to have committed the
crime between Oct. 2021 and March 2023, the client only discovered the theft in May when he attempted to trade
using the Trust Wallet.
Chiyangwa, who now faces theft and money laundering charges,
is alleged to have used the stolen funds to buy two iPhones, a laptop, and a Mercedes Benz.
Meanwhile, in their submission against Chiyangwa’s bail application, prosecutors insisted that the crypto dealer, a holder of
two passports and owner of two South African bank accounts that received part of the stolen money,
is a flight risk and hence not a suitable candidate for bail.
