MIAMI BEACH, Fla. — A Miami man is accused of stealing nearly $2 million in cryptocurrency from a former employer and laundering the proceeds through multiple digital wallets, exchanges and bank accounts, investigators said.
According to an arrest report from the Miami Beach Police Department, the victim discovered unauthorized outbound Bitcoin transactions from a Trezor hardware wallet that occurred in 2020.
At the time the theft was discovered, Bitcoin was valued at about $115,363 per coin, bringing the estimated loss to roughly $1.9 million, investigators said.
Investigators said an independent review led the victim to suspect former employee Nahum Reynaldo Castro, a trusted employee of the victim since 2013.
They said Castro worked as an information technology specialist and was known for his “technical capabilities.”
Castro was one of only two people known to possess the wallet’s seed phrase — the recovery key that allows access to cryptocurrency assets, according to the report.
The report states that possession of the seed phrase would have allowed someone to remotely recreate and access the wallet without having physical possession of the Trezor device itself, giving that person the ability to transfer cryptocurrency assets from anywhere.
The victim contacted trusted associates after discovering the transactions, according to the report.
During an interview in March, the victim and a witness provided detectives with transaction data connected to the wallet and the allegedly unauthorized transfers, the report states.
Detectives said they met in person with the victim and two witnesses earlier this month, who provided statements that were consistent with earlier interviews.
According to the report, records obtained from cryptocurrency exchange Bitstamp included copies of Castro’s driver license and a “selfie-style verification video.”
Investigators said linked JPMorgan Chase bank records showed deposits originating from Bitstamp accounts tied to the cryptocurrency transactions.
Detectives said the investigation revealed Castro participated in “a series of unauthorized and fraudulent cryptocurrency transactions” intended to transfer and conceal stolen funds through intermediary wallets, cryptocurrency exchanges and financial institutions.
Authorities allege the transactions were designed to conceal “the nature, source, ownership, and control” of the cryptocurrency proceeds and hinder detection and recovery efforts.
Police said Castro was taken into custody on Monday.
Jail records show he is facing charges including money laundering involving more than $100,000, unlawful use of a communications device, offenses against computer users and first-degree grand theft exceeding $100,000.
As of Wednesday morning, Castro was being held at the Turner Guilford Knight Correctional Center, where his bond was listed as “to be set.”
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