The teenager, who is alleged to have amassed a $14m (£10.6m) fortune from hacking, has been named by rival hackers and researchers.
City of London Police say they have arrested seven teenagers in relation to the gang but will not say if he is one.
The boy's father told the BBC his family was concerned and was trying to keep him away from his computers.
Under his online moniker "White" or "Breachbase" the teenager, who has autism, is said to be behind the prolific Lapsus$ hacker crew, which is believed to be based in South America.
Lapsus$ is relatively new but has become one of the most talked about and feared hacker cyber-crime gangs, after successfully breaching major firms like Microsoft and then bragging about it online.
The teenager, who can't be named for legal reasons, attends a special educational school in Oxford.
City of London Police said: "Seven people between the ages of 16 and 21 have been arrested in connection with an investigation into a hacking group. They have all been released under investigation. Our inquiries remain ongoing."