Tech Whiz Steals ₹56 Crore in Cryptocurrency from Bengaluru Firm: A Deep Dive into the Heist

In a shocking incident that has sent ripples through the tech community, a tech expert has allegedly stolen cryptocurrency worth ₹56 crore from a Bengaluru-based firm. The individual, identified as Jain, was employed in a role that involved market analytics and finance, granting him access to the company's private crypto wallets, as reported by multiple sources from the Criminal Investigation Department (CID).

The stolen cryptocurrencies include major players like Bitcoin, Binance Coin, and Tether. Jain's audacious theft has drawn comparisons to another notorious figure, Srikrishna, also known as Sriki, who previously hacked a government website and siphoned off cryptocurrencies worth several crores. While Sriki has faced legal repercussions and is currently out on bail, Jain managed to operate under the radar, evading capture by leaving minimal traces behind.

The cryptocurrency theft came to light when Cipher Technologies conducted a thorough examination of its accounts and filed a complaint at the Subramanya Nagar police station in April 2022. Due to the serious nature of the complaint, the case was escalated to the CID.

Investigators meticulously analyzed the company's transactions, filtering out legitimate ones to pinpoint the cryptocurrencies that had been transferred to wallets belonging to Jain, his family, and close associates. Utilizing advanced tools like Merkle and Arkham, which are designed to trace cryptocurrency transactions, the CID uncovered that Jain had siphoned off cryptocurrencies valued at ₹10 crore. His trail led investigators first to Gujarat and then to Navi Mumbai.

However, apprehending Jain proved to be a formidable challenge. He frequently changed locations, lacked a permanent phone number, and resided in luxury hotels, making him nearly impossible to track down.

A breakthrough came when police informants, after extensive monitoring of cryptocurrency exchanges, identified a phone number believed to be associated with Jain. This number was active in Navi Mumbai. Acting on this lead, CID officials ventured to Navi Mumbai on July 29. They examined the call logs and noted that most calls were directed to real estate brokers.

Despite initial setbacks in locating Jain through the brokers, CID sleuths intensified their search at luxury hotels. In a stroke of luck, Jain activated his phone, allowing the CID to apprehend him at a Navi Mumbai hotel during an overnight operation led by police inspector Shivaprasad on July 30. This high-profile case underscores the growing concerns surrounding cryptocurrency security and the lengths to which individuals may go to exploit vulnerabilities in the system.