A hacker has been arrested after breaking into a site owner's account, transferring the domain name ownership to himself and selling it on.

New Jersey-based Donald Gonclaves was charged with theft by unlawful taking, identity theft and computer theft. He was alleged to have taken control of P2P.com and selling it on auction website eBay for $111,000 to basketball player Mark Madsen.

The Cyber Crimes Unit of the New Jersey State estimated the value of the domain name, considering the popularity of file-sharing, to be between $160,000 and $200,000 at the time of the theft.

According to a report in Domain Name News, Gonclaves hacked in to the original site owner's email account to get the login details for P2P.com, which is hosted by GoDaddy.com.

He then transferred the domain name to another GoDaddy.com account that he owned, while fraudulently doctoring paperwork to suggest that he had actually completed a legitimate sale with the owners.

Gonclaves was freed after posting $60,000 in bail, but faces 60 years in prison if convicted. Los Angeles Clippers forward Madsen did not know P2P.com was stolen when he bought it, although he retained the domain name that now currently contains links to sites selling loans and file-sharing programs.