RATE Group | Woman Arrested for Stealing $480,000 From Crypto Exchange She Co-Founded
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Woman Arrested for Stealing $480,000 From Crypto Exchange She Co-Founded

21 Mar Woman Arrested for Stealing $480,000 From Crypto Exchange She Co-Founded

Posted at 03:53h in Cryptocurrency News by

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A woman was arrested in Bengaluru, India on March 17 for allegedly stealing 63.5 Bitcoins (BTC) from Bitcipher Labs — a cryptocurrency exchange that she had previously co-founded. 

The thefts took place on January 11 and March 11 respectively, resulting in $480,000 worth of BTC being stolen from Bitcipher. 

Bitcipher co-founder steals $480,000 in BTC

Ayushi Jain, the 26-year-old former-employee, was found to have stolen 63.5 BTC from hardware wallets owned by the exchange.

Indian police acted in response to a complaint filed by Bitcipher Labs’ CEO, Ashish Singhal, who had identified the two unauthorized transactions. 

The Bengaluru Investigation Department stated that an “investigation revealed the complainant had hardware wallets in which Bitcoins were stored, and a 24-word passphrase (password) was written on a piece of paper.” 

Police suspected that the thief was “someone proficient in using this technology, and who was closely associated with the firm”, due to the…

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