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The Dubai Emirate Court sentenced the woman to two months in prison and a fine of 4.3 million dirhams (about $1.1 million), finding her guilty of cryptocurrency fraud.
According to law enforcement, the defendant quietly replaced the hardware wallet of an unnamed crypto investor during a business meeting in Dubai, placing an identical device. Having replaced the crypto wallet, the attacker transferred the digital assets stored on the stolen device to another wallet – without the knowledge of the owner, the case file says.
The victim said that before the incident he met a man who claimed to own an investment company and was interested in financing a business project. Before concluding an agreement, the man demanded that the future victim provide evidence of the financial stability of his business project, asking him to show the presence of large sums in cryptocurrency.
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Both parties agreed on a personal meeting in Dubai. However, the man with whom the future victim communicated did not show up for the meeting, citing unforeseen circumstances. He assured that his wife would come to the meeting and supervise everything. It was at this meeting that the woman changed hardware wallets. Only later did the deceived investor discover that his digital assets had disappeared, which he hastened to report to the emirate police.
In addition to a prison sentence and compensation for the value of stolen crypto assets, the court ordered the woman to be deported from the United Arab Emirates. The victim additionally filed a civil lawsuit, demanding compensation not only for financial losses, but also for lost profits. He claims that the total value of stolen digital assets has increased significantly since the theft.
The court agreed that digital assets are considered financial property and are therefore protected by the UAE authorities. The defendant’s husband, who was identified as a key participant in the fraudulent scheme, escaped and remains at large.
In August 2024, the Dubai Court recognized cryptocurrency as a legal form of payment. Crypto assets can be used to pay salaries without the need to convert into fiat currency, the court explained.
