Bitcoin Forum

A woman was arrested in Bengaluru India for allegedly stealing 63bitcoins from Bitcipher Labs which is an exchange and she was a co founder to this exchange, that's over 470,000$, the fund was actually recovered but I wonder why all other crypto thefts and scammers aren't caught this easy.

These criminals are wise now, this woman was caught simply because she is living in same country, if she manages to leave India for another foreign country she will never be caught, it's same story for ICO scammers too

This is the first time I hear a bitcoin thief is caught, an exchange theft for that matter. I suppose the lady didn't master the act very well before embarking on it. This is very commendable and at least will put fear in other thieves that would want to do such.

This is probably due to the situation. This is an inside job where the other member of the company busted her, for the thieving. Also she is part of the team or the firm so its quite easy to track every possible asset that has gone on their vault. While other theft uses some strategy such as phishing site, using fake names, uses too many address and jumping from one  ship to ship and many more. Scammers are hard to caught especially the transaction on crypto has anonymity and they usually uses dual identity which is hard to inevstigate and also if some exchange would divuldge info but this is also illegal to ask for unless they have enough proof and evidence pertaining to scam.

Because most theft and crimes are happening outside an exchange. The thing here is that, she left so many traces of her for the police to track. She didn't even hide the necessary wallets to cover her thievery. She also made suspicious moves that made the police suspect her more by quitting even though she was the co-founder before stealing the Bitcoin. In short, she is stupid although she is an "expert" in this space.

If anyone wondering where the news at is, here's a link (https://cointelegraph.com/news/woman-arrested-for-stealing-480-000-from-crypto-exchange-she-co-founded).

With a huge amount of money, someone will definitely bust her system and report it on the authority. Furthermore, fraudsters utilized various approaches to deceive and exploit the funds of other people. Many of them are wise enough to clear every evidence of scamming such as on every transaction that they are making. Anyway, she will surely suffer the consequences of her actions and learn the lesson from her mistakes.

It's because these scammers knows how to hide everything in blockchain to obfuscate or hide their track.

However, there are companies like CipherTrace - who is a crypto forensics.

But as far as your post? At least provide us the link so that we can take a look on it to better provide better discussions.

Edit: I saw @meanwords posting the links already.

Such impressing to have the coin been recovered, maybe because no transaction was involved, probably on ground theft of an hardwallet from an outsider. I still believe most of the claim of inside job by exchange for the theft is true. It could be difficult to make some information available to every worker in an exchange institution, and any crisis in space prompt most of the worker to steal and run away while they protect the identity until they recover it.

Wao...that's nice. All crypto scammers and fraudsters can never be caught this easily. That she was caught easily doesn't mean other would. Moreover, scammers will not always go scout free. Someday they will get caught.

I don't belief they will all get caught, since 2017 many ICO projects scammed thousands of investors and very few are caught but many scammers are at large, some blame the exit on lack of funds and they never return funds back to investors

Actually, if the theft is done by individuals, it will be easy to find, as happened to the CO founder of Bit Cipher Labs. But what is hard to find, and overcome when done by groups. And a lot of fraud is happening now committed by groups. So, did not find a solution.

I think its because of different reasons, most of the time scammers or the crypto thieves are not coming from a single country so it's very hard to tract them especially if they are not using their true identity, it was allowed in the crypto industry in the name of privacy and for me, it makes cryptocurrency more complicated and prone to scammers, by the way, because the thieves were caught I think it's a piece of relieving information and I hope that most of those thieves and scammers will be punished if they are caught.

There’s something behind the scene considering that she is a co-founder and I think she is just getting her part on their money. Well, she should defend well on the court or else she’ll be in jail. Cryptocurrency is new to India because of its legalization and this kind of news can affect that decision and I do hope that India people will still trust cryptocurrency and bitcoin.

Crypto criminals aren't 100 percent pure, they leave traces behind and if they wanted to be found they can easily be found, when they steal coins they exchange for other coins and if you want to change to Fiat you can only use services that have your KYC

thieves also have very different qualifications. this woman was simply not very smart and could not hide the transactions of her crime. more experienced hackers do not allow to determine themselves. they codify transactions and it is almost impossible to find them

That's right, only a few scammers have been caught for fraud and now they are still hanging around or having fun with the results of stealing investor money. I have seen several people who once again made scam projects but the faces of the team were very well known or had made ICO scams.

Well ,probably she have a bad luck, or even stupid.
We really know there a hundreds of scam project and until now, just a few have been caught, since the crypto is a new way for investement and also new way for scamming people,no wonder need a more time to caught the thief because mostly ico have a global nature, also the absence of direct reports to the authorities also makes handling cases slow.

Your question is simple to answer. She was caught because she was a co-founder of the exchange she stole from, and probably she is not a tech kind of person. Those who are vast in technology would mix the coins before sending it to a wallet. That way there will not be any trace left to track the theft.

Maybe she is not that smart to hide everything before getting caught by the cops! We have seen lots of scam/hack events, and most of the time hackers did not get any punishment! Even the Plus token scammed 1 Billion USD, such huge money it is, but Police is yet to catch them!

We all know that most of the theft cases in the crypto world are carried out by hackers who steal by accessing personal wallets or wallet exchanges, some other cases are carried out by individuals from a shit exchange who carry away their customers' funds, and some others are based on fraud under the guise of investment. The most difficult cases to be traced are those carried out by hackers, their existence is difficult to find, it does not mean that they cannot be captured, because the process takes time. Many news provides information related to hackers, this is one of them https://cointelegraph.com/news/canadian-teen-charged-for-50-million-cryptocurrency-theft

We may never know, she was the co-founder so obviously she has accessed to BTC on that exchanges.

That's why there could be two sides of the story, she could say that she didn't stole or because the BTC is still intact and she has no intention to stole it.

As for the Plus token scammers, all of them have disappear so it's hard for authorities to follow them, but for sure someone from the US is tracking every movement of the bitcoin address,

maybe those who have not been caught using fake data to hide their data, cases like this have already happened in the cryto world and maybe from year to year there will be more because now there are also many new projects, so we must be careful in investing so that money we are not lost

I agree with you scammers doing scams when they are aways from the the country they are tying to scam and by the fact that scammers are from nowhere do you think that the authorities are able to apprehend them easily. I think even before they do that, criminals have already escaped in different countries especially where crypto is not legal.

A co founder of an exchange stealing from its own exchange, whatever happened to building your platform to be the best? Indeed she didn't protray a good example and it feels good to know she was caught else it might have been another terrible news amidst what's happening since days now.
Like someone already stated, those scammers always tend to carry out their activities from another country so it might look hard to get, and they try to ensure their tracks are duly covered. Also, being the co founder of the exchange, she might have left traces which was linked to her as she might be working alone therefore no tech guru to hide the tracks well enough.