A cryptocurrency company in Malta has faced a major cybersecurity crisis after its source code was stolen. Court proceedings revealed that the firm spent over €300,000, approximately ₹2.83 crore, on external cybersecurity experts to contain the breach. The 32-year-old software engineer, whose name is withheld by court order, pleaded guilty in February to multiple charges, including unlawful access, use, and modification of computer data.
During Tuesday’s hearing, the company’s head of cloud infrastructure and security testified that the firm acted swiftly to manage the breach. He explained that 40 employees were reassigned to security tasks, access credentials were rotated, and financial regulators in two countries were notified.
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Source Code Theft Raises Strategic Risks
The security chief told the court that the stolen data included the company’s entire source code, described as the “blueprint” of the business. The company feared that hackers could exploit the code or replicate its business model. The witness added that the firm had previously been targeted by cyberattacks, making this theft particularly sensitive and dangerous.
Leaked Photos Led to Identification
The breach came to light when a photo of a company-issued MacBook Pro was leaked, showing an internal administrative panel. As the panel could only be accessed from a company device, investigators narrowed their focus to 15 employees. A second leaked photo revealed the accused’s username, providing a crucial lead for the investigation.
Company investigators visited the Malta office and discovered that the engineer had performed a bulk download of the source code following an initial failed attempt. The stolen data was contained entirely on the employee’s laptop. During cross-examination, the security chief clarified that the claims that the engineer was due for a promotion were incorrect. At the time, the employee was facing a role change that effectively amounted to a salary reduction.
Court Proceedings and Defense Position
Reports from the Police Cybercrime Unit were also submitted during the hearing, highlighting the gravity and scale of the case. Defense lawyer Christian Camilleri requested a pre-sentencing report for the accused. The next hearing is scheduled for next week, when the defense will decide whether to cross-examine further witnesses.
The prosecution in the case is being led by AG lawyer Marica Ciantar and Police Inspector Marcus Cachia. Lawyer Stefano Filletti is representing the company in parte civile.
