Icelandic police arrested 11 people in March in connection with the theft of 600 computers, worth roughly $2 million, that were used to mine Bitcoin and other cryptocurrencies.
Police in Iceland said they believe Sindri Thor Stefansson fled a low-security prison through a window and boarded a flight to Sweden at Iceland's global airport in Keflavik.
Icelandic police say Stefansson was able to board the flight to Sweden at at Iceland's worldwide airport in Keflavik by travelling on someone else's passport.
Stefansson was among 11 people arrested earlier this year for allegedly stealing the powerful computer in Iceland's biggest thefts.
"He had an accomplice", Police Chief Gunnar Schram told Iceland's Visir news outlet.
Image Keflavik international airport where Stefansson is believed to have fled
If the stolen equipment is used for its original goal to create new bitcoins the thieves could turn a massive profit in an untraceable currency without ever selling the items. 'We are sure of that'. Stefansson was transferred to Sogn 10 days ago after being in custody since February, authorities said.
Inmates at the prison, which has no fencing, have access to phones and internet.
The BBC reports that Stefansson may have fled the country on the same plane that was carrying Iceland's Prime Minister, Katrin Jakobsdottir.
Ms Jakobsdottir was among five Nordic prime ministers who met with India's prime minister in Stockholm. But it wasn't just any plane: Iceland's Prime Minister Katrín Jakobsdóttir happened to be on it, reports the BBC.
A professor at the University of Iceland told the LA Times that the "unusual" decision to keep a high-profile suspected criminal like Stefansson at a prison of this nature was rivaled only by "his organized escape".
Bitcoin mining computers are pictured at a Bitcoin mining farm near Keflavik, Iceland.