Dubai Authorities Apprehend Suspected Bitcoin Thief
Authorities in Dubai may have apprehended a British individual believed to be linked to one of the largest Bitcoin thefts in history, a transaction totaling an estimated $243 million. This information emerged from an announcement by prominent on-chain analyst ZachXBT, who reported via his Telegram channel on December 5 that a person known online as “Danny” or “Meech,” whose real name is Danish Zulfiqar, appears to be in custody.
Details of the Theft
Allegedly, a portion of the misappropriated cryptocurrency has been reclaimed, with around $18.58 million now traceable to a specific Ethereum wallet he claims belongs to the suspect. ZachXBT’s investigation indicated that various wallets associated with Zulfiqar funneled funds into this same Ethereum address, mirroring patterns typical during seizures executed by law enforcement.
ZachXBT highlighted that Zulfiqar was reportedly last seen in Dubai, where authorities allegedly conducted a raid on a villa linked to him.
Despite these claims, there has been a lack of official statements from the Dubai Police or Emirati officials regarding any arrest or asset confiscation related to this case, and local media has yet to validate these reports.
Background of the Investigation
This potential custody emerges against the backdrop of an investigation into the theft that transpired on August 19, 2024, where 4,064 Bitcoins were pilfered from a single Genesis creditor linked to the Gemini cryptocurrency exchange. ZachXBT, who publicized this case in September, accused the cybercriminals of executing a sophisticated social engineering scheme to breach the victim’s account, which included impersonating Google support personnel to trick the victim into resetting their two-factor authentication.
Utilizing remote access software, the attackers gained control of the wallet, extracted private keys, and subsequently moved the Bitcoin through various exchanges in an effort to launder the stolen assets.
Connections to Other Criminal Activities
ZachXBT previously identified three social media personas — “Greavys,” “Wiz,” and “Box” — and later connected them to individuals Malone Lam, Veer Chetal, and Jeandiel Serrano. His findings have been submitted to law enforcement agencies. In response to similar criminal operations, U.S. prosecutors launched probes resulting in charges against several suspects involved in a related $230 million cryptocurrency fraud case last September.
Authorities later brought racketeering charges alleging a broader network involving over $263 million, which included the Genesis theft. Prosecutors highlighted that the illicit funds were funneled into lavish purchases like luxury cars and extravagant outings, with one suspect, Veer Chetal, accused of committing an additional $2 million crypto theft while out on bond.
Global Implications and Recent Developments
Additionally, ZachXBT identified Zulfiqar’s connection to the August 2023 Kroll SIM swap case that compromised the personal information of creditors associated with BlockFi, Genesis, and FTX, later facilitating over $300 million in theft through phishing and impersonation attacks. This latest development in Dubai aligns with a global uptick in law enforcement actions against cryptocurrency crimes, including a recent arrest in Thailand for a $31 million Ponzi scheme exposed by ZachXBT, and a major guilty plea in the UK concerning the largest known crypto seizure of over $6.7 billion in Bitcoin.
ZachXBT’s Public Engagement
Apart from his investigative efforts, ZachXBT has remained visible in public forums, recently engaging in a dispute with UFC fighter Conor McGregor concerning comments about a rival’s NFT project, which shifted attention to McGregor’s unsuccessful meme coin endeavor earlier this year.
