🚨🚨🚨 CRYPTO HACK ALERT 🚨🚨🚨
Indian Engineer Arrested for Stealing $6.67M in Cryptocurrencies
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According to a report by The Indian Express, the Cyber Crime Unit of Bengaluru has allegedly detained a software engineer for stealing cryptocurrencies worth roughly $6.67 million from his former employer.
📰 In the Asia Pacific, India is termed to have one of the fast-evolving cryptocurrency markets, with over 10 million digital asset holders & users. Despite massive adoption and colossal market size in the region, the nation still needs a clear and favorable set of rules for the market.
The incident once again has raised eyebrows and questions related to security of investors' funds. Additional information states that Shubhang Jain, a 26-year-old computer software professional was arrested over the charges of stealing cryptocurrencies from Cipher Technologies Private Limited.
An officer of the investigation wing notes that “Jain had transferred the cryptocurrencies to his relatives’ wallets and later had even withdrawn money. He used to live in luxury hotels and lived a low profile. As he moved from place to place, the police were unable to track his movements.”
Jain was detained in Mumbai when the authorities got a lead that he was in constant contact with brokers in Mumbai for a lavish property, said the CID official. He met the owner of Cipher on Telegram, from where he was further selected for a job interview.
📈 Overview of the Indian Crypto Market
According to available data, the Indian cryptocurrency market is expected to reach $6.6 Billion by the end of 2024. However, the market is expected to grow with a negative CAGR of -2.44% and could reach $6.4 billion by 2025 ending.
Binance is one of the most significant players in the Indian crypto space, followed by Gate(dot)io, Coinbase, and Crypto(dot)com, among others.
