The number of cryptocurrency scams is quite vast. Even exchange operators shouldn’t always be trusted, as can be seen from the recent Bitcipher incident.
India has always been an intriguing region for cryptocurrencies.
Female Exchange Co-Founder Arrested
Following the recent reversal of the ban on crypto, it may become an even more important region.
Domestic exchanges in the country are plentiful, but they can’t always be trusted.
Bitcipher, for example, is an Indian cryptocurrency exchange.
While the company is still perfectly legitimate, its female co-founder is not.
She purposefully stole 6.5 BTC from the exchange, although the reasoning for doing so remains to be determined.
These thefts took place throughout two incidents, spread two months apart.
Eventually, the woman was arrested this week in Bengaluru.
Bitcipher Labs has filed a complaint to the Indian police regarding the two unauthorized transactions.
The stolen funds were stored on hardware wallets, and its recovery phrases were found on a piece of paper.
Thankfully, the money has been recovered successfully and will be returned accordingly.
What will happen to the female co-founder, remains to be determined.
As all money was returned to the exchange, it is uncertain if they will effectively press charges.
None of the stolen funds has been spent.