The police in India have managed to bust a Ponzi scheme in the city of Pune which we can read in our latest crypto news. They managed to seize about $2 million worth of Bitcoin after 8.000 investors were scammed.
According to local news outlet The Times of India, the police were tracking the scammers since January and have succeeded into arresting the scam’s leader Amit Bhardwaj and ten other accomplices for their activities.
Bhardwaj and his brother were taken from Dubai to Delhi were a trail for them is set. The scam leader supposedly owned a company GainBitcoin that promised the investors a 10% return so they can lure them into the Ponzi scheme. Bhardwaj used the money to live luxuriously and to throw parties to attract even more victims.
Despite the entire operation happening in Pune, the scammers were also hosts of luxury parties across Dubai and Macau.
The police in India received hundreds of complaints from the investors that got scammed over the past six months which only meant collecting more evidence to the piles collected since January.
When Bhardwaj was arrested for creating the Ponzi scheme, he was ordered to return the money invested in the scam but the criminal denied all allegations. Once he was thoroughly investigated and the police performed digital forensics on him and his gang, they found all of the invested cryptocurrencies.
The police confiscated more than 450 bitcoins from a single cryptocurrency wallet that was used by the scam’s gang members. In November, the authorities also found and seized about 30 bitcoins, 400,000 rupees in cash and 80 ETH as a part of the investigation.
The scammers might have stashed about 150 bitcoins away with about 80.000 ETH.
Stolen Bitfinex Bitcoin Started Moving (After Three Years)
“We are not involved, and the movement is not tied to the procedure outlined in the UNUS SED LEO white paper,” she said.The anonymous nature of Bitcoin wallets is still a mystery for many - which is why moves like this one by the stolen Bitfinex Bitcoin are only evidence of hacker activity after the theft. As such, they can only be used for forensic analysis by blockchain sleuths - but often result in money laundering activity and hide the funds' ultimate destination. For those of you who don't know or haven't been following the best cryptocurrency news sites, the Bitfinex theft was the largest loss of Bitcoins by an exchange since the Mt. Gox hack in early 2014 which wiped away $350 million. In February this year, law enforcement in the United States managed to retrieve 27.66270285 of the stolen Bitfinex Bitcoin (BTC) which had been taken in the hack. Right now, we are all far from even thinking about retrieving the stolen Bitfinex Bitcoin. However, it is good that accounts like Whale_Alert exist and show some activity on the wallets following their hack.
FBI Investigation On The QuadrigaCX Case Emerges In The US
The Federal Bureau of Investigation (FBI) has officially expanded the QuadrigaCX case where the founder suspiciously died, with more than $100 million in cryptocurrency vanishing. Because of these reasons, the FBI investigation was relocated to the United States today, and the agency took to Twitter to ask for US-based victims of the crime to come forward.
This is actually a good thing for the market, as the ongoing trend of government intervention is either part of an evolution or a new pattern showing anti-crypto activity. It is all based on how you see things from your perspective.
However, the FBI investigation definitely shows serious attitude towards resolving the QuadrigaCX case, which is particularly interesting because of the mysterious activities and elements to it. One of them is the death of its CEO a month after the exchange closing, to then blame on a lack of access to wallets held by the deceased. As if this issue was not crazy enough, the QuadrigaCX funds were later mysteriously sent to the addresses in question.
A lot of questions linger, as the FBI investigation shows, and are subject to many mysteries. In our coming altcoin news, we have been reporting updates on the QuadrigaCX case - up until now where it seems like the case will go beyond a procedural bankruptcy court in Canada. From this, we can see that the exchange will probably be put under criminal investigation for its services rendered to US citizens.
As a result of this, whoever is left of the executive staff may be off the hook. In cases like these (picked up by the media and the best cryptocurrency news sites), it is often a question whether or not the government can recoup anything. However, the FBI investigation must determine if there are assets with value and to this date, no significant assets like that have emerged.
As a final note, many analysts believe that the actual problem for QuadrigaCX are actually its business decisions and relationships, which were the backbone of the struggle when the Canadian bank froze the exchange's assets.
Chainalysis Research: 64% Of Ransomware Attackers Launder Via Crypto Exchanges
Another LocalBitcoins Trader Gets Arrested For Unlicensed Money Business
“Victims who sent Rockcoons Bitcoin never received their title to land as promised. To date, agents have identified at least 10 victims of Rockcoons’ fraud," the release said.Before Rockoons became just another LocalBitcoins trader who got sentenced, he pleaded guilty to operating an exchange without registering with the Financial Crimes Enforcement Network (FinCEN) of the US Department of Treasury.
“He also admitted to devising a scheme to defraud individuals in connection with the purported sale of real estate in Elko County, Nevada, that he did not own," the release shared by many best cryptocurrency news sites noted.Right now, everyone is asking themselves if LocalBitcoins is just another criminal conduit. Since Rockoons was another LocalBitcoins trader who got sentenced, people are seeing more and more users hit with charges due to money laundering and other cases. In March, the platform was viral in the altcoin news for announcing that it will "soon be under the supervision of the Financial Supervision Authority in Finland" as the country progresses to provide a legal status for crypto and bring the sector under new Anti Money Laundering (AML) laws.
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