Police Arrest Woman for Stealing 63.5 BTC from a Company She...
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Police Arrest Woman for Stealing 63.5 BTC from a Company She Co-founded

Indian police officials have arrested a woman for allegedly stealing 63.5 BTC, approximately $480,000 from her former employer. 

According to the report, Ayushi Jain was arrested last Thursday by Criminal Investigation Department (CID) sleuths. She was charged with stealing 63.5 BTC from Bitcipher Labs, a crypto exchange that she co-founded. 

Bitcipher Lab’s CEO, Ashish Singhal, who happens to be the complainant filed the case with the CID’s cybercrime wing. According to Singhal, Jain stole the Bitcoins between January 11 and March 11 of this year and transferred them to SwapLab crypto exchange. 

After the CID had acted in response to Singhal’s compliant, they were able to identify the two unauthorized transactions. According to the CID, the complainant had hardware wallets in which Bitcoins were stolen, together with a password written on a piece of paper. From this information, the police suspected that the thief could be someone proficient in using this technology, and who was closely associated with the company. 

After a list of the exchange’s former employees has been prepared, Jain was identified as a likely suspect. She had quit from the company on December 16 last year despite being the co-founder alongside Singhal in 2017. 

After the police had detained Jain and upon further interrogations, she confessed to the theft. When the police searched Jain’s house on Wednesday, they retrieved a laptop which contained a history showing how she used the password and stole money in installments between January and March. 

Another report also suggests that, Jain stole the bitcoins to start her own crypto exchange and had converted the bitcoins into Monero, which she later transferred them to her Binance account. 

By Thursday, the police had been able to recover the entire amount. The police seized her laptop and all the stolen funds have now been returned to the company. 

Featured Image Courtesy of Shutterstock

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Born, raised and schooled in Sweden with a degree in law, Glenn is a long time crypto enthusiast. He quickly acknowledged the potential of the blockchain technology, and the benefits of decentralization. Glenn believes in a future where blockchain technology and decentralization will govern and enable people to have a transparent security and financial system.