The Indian police recently brought the high-ranking promoter of Bitconnect to justice, arresting him at the Delhi airport for his involvement in the multi-billion dollar Ponzi scheme which is also described as the largest fraud that we have seen on the cryptocurrency scene.
Touted as a multi-level marketing venture, Bitconnect was supposed to work in a simple way – with a trading bot that will generate revenue for investors over time. Users would deposit funds, locked them for a set amount of time and withdraw them with interest. Aside from these, there were big bonuses for bringing new recruits to invest their money.
However, many influencers saw behind the project – and also saw that it could be a scam. Still, they did not do anything to prevent the people investing in the Bitconnect Ponzi scheme.
As soon as the BCC crypto exchange got shut down (after being served with a cease and desist letter), it was all clear that the millions of dollars users invested went to a scam. The head of the Asian division of Bitconnect, Divyesh Darji, was the person arrested by the Indian police at the Delhi airport – after a thorough investigation by the Indian state police force.
Even though Bitconnect still has a market cap of $6 million, it will be delisted from the cryptocurrency exchange that still offers it as a trading pair from this September, making it a dead coin with no liquidity whatsoever.
Boston Legal System Damaged After BTC Ransomware Attack
“CPCS’s computer systems have been attacked and are not working properly. We are still representing clients. In addition, there is no evidence that confidential information from clients has been released as a result of these attacks.”Initially, the attack happened on February 27. The organization believed that paying the ransom means a waste of money so they decided to restore the systems manually. Two weeks after, the entire justice system in Boston can feel the damaging effects. The agency cannot really say how long the delay will last or when they will get back online. In the meantime, people working in the agency cannot use their email or enter the agency’s website. Ransomware attacks became popular in 2015. The attackers mainly targeted police agencies that end up paying the ransom. The public infrastructure is always a target of ransomware attackers since the offer public services and cannot end up being crippled because the people are the ones who pay the higher price. The public defenders didn’t say how much money the attackers demanded. However, the cost to unlock a computer could start from $100 up to thousands of dollars. The attackers usually target victims individually but law enforcement agencies or other government agencies are not excluded. Last year, a couple of Dutch hackers were sentenced to community service after attacking more than 1,000 computer systems and gathering over $11,000.
Thieves Steal $200k Worth Of Bitcoin (BTC) Across 7 Canadian Cities
OneCoin Founders Charged Of Fraud By US District Attorney
“As alleged, these defendants created a multibillion-dollar ‘cryptocurrency’ company based completely on lies and deceit. They promised big returns and minimal risk, but, as alleged, this business was a pyramid scheme based on smoke and mirrors more than zeroes and ones. Investors were victimized while the defendants got rich. Our Office has a history of successfully targeting, arresting, and convicting financial fraudsters, and this case is no different.”The New York County District Attorney Cyrus R. Vance Jr. claimed that the defendants created an old-school pyramid scheme compromising the integrity of the entire financial system in New York by defrauding investors for billions of dollars.
British Financial Regulator Issues Warning Against Illegal Crypto Firms
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