Bitcoin

India : the co-founder of a crypto-exchange has been arrested for stealing funds from his own platform

A young employee and co-founder of the platform for the exchange of digital assets Bitcipher Labs in India, was arrested by indian police following a charge of theft of crypto-currencies. According to the information relayed by the investigators of the case, Ayushi Jain would have made a transaction illegal 63.5 BTC from the wallet of the crypto – exchange, that is, a value of around $ 480,000.

A flight operated by a qualified staff

Responding to a complaint previously filed by the CEO of Bitcipher Labs, Ashish Singhal, regarding two illegal transactions on the crypto-exchange, the indian authorities have recently arrested Ayushi, the first suspect of the activity causing a loss of $ 480,000.
The investigators have put the hand on the employee of 26 years after having tied the latter’s competence to perform a task believed to be impossible for a staff who had access to the data of the portfolios. Given that the accused was the co-founder of the establishment, the police was directly suspected as being a qualified person ” competent in the use of this technology and which was closely associated to the company “.

Funds found and recovered

At the conclusion of the investigation, the young co-founder of Bitcipher Labs went to confession, which allowed the authorities to put the hand on the BTC stolen.

“Wednesday, we stopped Ayushi and searched his house. We have seized a laptop that contained the history, showing how Ayushi has used the phrase secret and stole the money in installments between January and march. She confessed to the crime. Thursday afternoon, we recovered the entire amount, ” said one of the police officers in charge of the investigation.

Note that the password that allowed him access to the assets of the portfolios was written on a piece of paper. It was made from a passphrase (a PassPhrase of 24 words that she would have been able to record before his departure from the company on December 16, 2019.
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About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.