In Dubai, a court convicted a woman of theft after she covertly swapped a hardware cryptocurrency wallet during a business meeting, enabling digital assets valued at about $1 million to move without the investor’s knowledge. Investigators say she replaced the genuine wallet containing private keys with an identical device she had prepared in advance.
The scheme appeared after the investor was introduced to a man who claimed to run an investment company and sought financing for a project. Before any deal could be finalised, the man requested what he described as “proof of financial capability,” asking the investor to demonstrate ownership of substantial cryptocurrency holdings. A verification meeting was arranged in Dubai, but the man did not attend and instead sent his wife, who conducted the meeting and swapped the wallet during the verification process.
Authorities launched a criminal investigation and referred the case to the Dubai Misdemeanours and Infractions Court. The court found the woman guilty of theft, sentencing her to two months in prison, fining her the value of the stolen assets at the time of the offence, and ordering deportation from the UAE; the Court of Appeal later upheld the ruling. Following the criminal judgment, the investor filed a civil lawsuit seeking compensation for losses and lost profits, and the civil court awarded Dh4.3 million in damages plus 5% annual interest until full payment.
Judicial officials noted that digital currencies are recognised as financial property and protected under UAE law. The woman’s husband, identified in court documents as a key participant in the scheme, remains at large.
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