Theft of 802 Million Drams from Bank: Part of the Money Converted to Crypto Assets

Using a technical flaw in the banking application, an individual has stolen more than 802 million drams. This information has been reported by the Investigative Committee of Armenia.

According to the preliminary investigation, S.G. learned about a technical flaw in the banking application, which failed to properly verify the account balance during transfers. From December 30, 2024, to January 5, 2025, with only 92,000 drams in his account, he made 2,709 transfers through the application.

According to the Investigative Committee, due to the technical flaw, his card account was credited with 802 million 568 thousand drams, and the system regarded these transactions as successful.

The investigation also revealed that over 711 million drams of the stolen money were converted into crypto assets by transferring part of it to accounts of operators engaged in cryptocurrency trading. The remaining amount was transferred to the card accounts of more than 100 individuals.

S.G. has been charged with large-scale computer theft and money laundering and has been detained. Of the damage caused to the bank, 44 million 701 thousand drams have been recovered.

The criminal proceedings have been forwarded to the supervising prosecutor with an accusatory conclusion.