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.
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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