Crypto: She allegedly linked 6 bank accounts to Coinbase to embezzle $931,500

Six bank accounts linked to Coinbase without the consent of their holders. Mercedes Henry, a former employee of Ameris Bank in the Atlanta area, is accused of using the data of several clients to facilitate the fraudulent transfer of $931,500 to accounts controlled by alleged accomplices.

The 35-year-old woman was arrested and then presented to a federal judge on September 25. She remains presumed innocent, as the indictment has not yet been examined in court. Here’s what we know about this case.
Key points of this article:

• Mercedes Henry has been accused of fraudulently using clients' banking data to transfer nearly one million dollars to cryptocurrency accounts.

• Authorities have pointed to an abuse of internal access at the bank rather than a hack of Coinbase or Ameris Bank, without naming potential accomplices.

Ameris Bank: Six client accounts linked to Coinbase

Mercedes Henry worked as an universal banker, a versatile position that combines client reception and management of various banking operations, at several Ameris Bank branches around Atlanta.

Between September and November 2021, she allegedly used at least six times the account numbers and identification data of six clients. This information was purportedly used to link their bank accounts to accounts opened on Coinbase and controlled by her alleged accomplices.

Once the linkage was made, the group allegedly initiated the transfer of approximately $931,500 from the victims' accounts. The statement from the federal prosecutor for the northern district of Georgia does not specify whether the funds were subsequently used to purchase cryptocurrencies, whether they left Coinbase, or if any portion could have been recovered.

The role attributed to the platform remains that of an intermediary used to receive the transfers. Authorities do not blame Coinbase in this case and do not indicate that a flaw in its systems facilitated the operations.

For her alleged participation, Mercedes Henry is said to have received more than $1,000. Investigators do not provide the total amount she ultimately cashed in or the identities of the other individuals involved. The bank employee is accused of embezzling funds between Coinbase and her own bank.

A bank employee charged with three federal offenses

A federal grand jury adopted the indictment on September 22. Mercedes Henry was arrested three days later and appeared before the federal court. She faces charges of bank fraud, access device fraud, and corruption.

Under U.S. federal law, the term << access device >> does not refer only to a bank card. It can also cover account numbers, identifiers, or other data that allow for initiating a transfer. The prosecution specifically argues that her position gave her access to information that clients entrusted to their bank.

<< Mercedes Henry allegedly stole sensitive information to facilitate nearly one million dollars in fraudulent transfers from the victims' bank accounts to cryptocurrency accounts controlled by her accomplices. >>
Theodore S. Hertzberg, federal prosecutor for the northern district of Georgia -- Source: Press release

The case thus involves an abuse of internal access rather than a hack of Coinbase or Ameris Bank. The victims allegedly did not validate the transactions, and their identifiers were exploited directly from within the bank.

The FBI in Atlanta continues its investigation. Potential accomplices have not been publicly named, and no information has been provided regarding new arrests. It is now up to the prosecution to prove Mercedes Henry's guilt beyond a reasonable doubt.

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