A digital currency trading firm in Dubai lodged a case against an employee after detecting discrepancies in the transactions amounting to Dh800,000 ($220,000) from a cryptocurrency platform.
Dubai resolved the case through its expertise and disputes settlement department, according to Al Bayan newspaper.
The lawsuit claimed that the worker took advantage of his position to establish fake accounts and embezzle the money following an investigation into the company records.
Using his expertise in managing and developing cryptocurrency trading systems, the man was able to evade the company's software that was used to track digital transactions.
Through his fake virtual accounts, the employer was able to convert the currency to his own account and other cryptocurrency trading platforms.
The discrepancies were hard to pin down to one person as the entire technical staff used the same administrative password.
However, through personal communications on the embezzler’s computer revealed that he had received large amounts of money, and was planning to buy a home with it.