The Indian police recently arrested two more people involved in the major GainBitcoin Ponzi case, according to the outlet Times of India.
After a series of arrests made in Delhi where the police raided a 4,000 square-foot mining facility, it seems like more people will be taken behind bars after luring people into the GainBitcoin Ponzi scheme.
According to the news outlet, an unnamed police officer said that the two suspects were involved in marketing the scam to many potential investors across the country. As the officer stated:
“The duo were involved in marketing the scheme. They had lured hundreds of people and then disappear. We are investigating the case and are also finding out the number of people that have been duped.”
The accused individuals are linked to Amit Bhardwaj who is the kingpin of the infamous cryptocurrency Ponzi scheme GainBitcoin – and one of the Ponzi schemes that are estimated at $300 million.
What started as a multi-level-marketing scheme in 2015 grew to 100,00 investors quickly, all of whom were promised a monthly return of 10% on their investment. The scam was first spotted after two First Information Reports (FIRs) were filed against it – when authorities immediately figured out that this was a Ponzi scheme.
The first steps towards shutting down GainBitcoin were made in the Indian city of Pune, where officials discovered the wallets controlled by Bhardwaj himself – holding a total balance of 3.31 Bitcoin which was a significant reduction from the previous balance of 5,372 BTC.
South Korea: Five Arrested In A New Crypto Mining Malware Case Involving 6,000+ PCs
“Because cyber security firms and anti-virus software operators responded quickly to the distribution of mining malware, the group of hackers were not able to generate a significant revenue from their operation. In most cases, anti-virus software detected the malware within three to seven days. If the malware was detected, the hackers sent new malware, but it was detected again by anti-virus software,”Carried into over 6,000 actively used computers, the operation managed to only generate $1,000 in profit in total.
[UPDATED] Crypto Pioneer Charlie Shrem Fights Back The Accusations Of Stealing 5,000 Bitcoins
“Nor can WCF prove Shrem engaged in any misconduct. He did not. Shrem can show by verifiable evidence that he did not take the 5,000 bitcoins WCF accuses him of taking and that they belonged to Mr. X. Shrem, therefore, did not breach any duty to WCF, even if one were found to exist.”Both sides are going to meet in court tomorrow Nov. 8.
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Scandal In Bulgaria: Officials Arrested For Selling Passports In Exchange For Bitcoin
“Peter Haralampiev, Krasimir Tomov, and Mark Stoyov have been arrested for fraud with the issuance of Bulgarian passports to Ukrainian, Moldovan and Macedonian citizens.”The lawyers of the accused officials denied that their clients had anything to do with this fraud but the Prosecutor General, however, demands that the lawyers must provide evidence in order to prove that isn’t the case. The lawyers on the other hand, still haven’t provided the court with reliable evidence. Some people even expected a resignation from the Vice Prime Minister of Bulgaria Valeri Simeonov because of the level of corruption in the agency but he clearly noted that he doesn’t have such intentions. Despite the government officials involved in such criminal activities, 20 other people were detained in Bulgaria for selling passports to citizens in Ukraine, Moldova, and Macedonia while receiving more than $5,000 for a single document. Since Bulgaria is a member of the European Union, the passport allows people to live, travel and work easily in any other EU country without any restrictions unlike the citizens from the above-mentioned countries.
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