PANews January 25th Report, according to India Today, the Indian law enforcement agency has arrested two individuals related to the BitConnect cryptocurrency scam case, which involves fraud, kidnapping, and extortion on a global scale, with the involved amount reaching thousands of bitcoins and tens of millions of rupees in cash. The arrested Nikunj Pravinbhai Bhatt and Sanjay Kotadia are suspected of participating in a kidnapping and extortion case, where the victim was forced to surrender 2254 bitcoins, 11,000 Litecoin, and approximately 1.45 billion rupees in cash. Some of the extorted bitcoins were converted into ETH and USDT and transferred through multiple wallets. The Indian law enforcement agency has frozen and seized assets worth about 1.9 billion rupees, including cryptocurrencies, stocks, and cash; as of now, the total seized or frozen assets in this case amount to approximately 217 billion rupees. The investigation is still ongoing.
The Indian law enforcement agency stated that BitConnect markets itself as a high-yield investment platform, claiming that its self-developed volatility trading robot can generate returns of up to 40% per month. The agency said these claims are purely fictitious, aimed at creating a false illusion of growth, including posting about 1% fake daily returns on its website.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Rallies to Weekly High of $71,500 Amid Geopolitical Turmoil and Crypto-Specific Demand
Bitcoin has climbed 2.6 percent to approximately $71,500, reaching its highest level in a week, defying sharp declines in U.S. equities and a surge in oil prices past $100 per barrel amid escalating Middle East tensions.
CryptopulseElite37m ago
UK-listed company B HODL adds an additional $468,500 to its Bitcoin purchase
Gate News reports that on March 13, UK-listed company B HODL (ticker: $HODL) announced an additional capital deployment of $468,500 to continue purchasing Bitcoin.
GateNews59m ago
BTC drops below 71,000 USDT
Gate News bot message: Gate market data shows BTC has broken below 71000 USDT, current price 70988.1 USDT.
CryptoRadar1h ago
Ark Invest Discovers Over $480 Billion in Bitcoin Vulnerable to Quantum Computing Attacks
A new report from ARK Invest warns that approximately 6.9 million Bitcoin — equivalent to an estimated value of 483 billion USD at an average price of 70,000 USD — are at risk of being attacked by quantum computers in the future.
Risk from elliptic curve cryptography
This threat centers on the elliptic curve cryptographic system
TapChiBitcoin1h ago
Perp DEX Becomes Largest Battlefield on Blockchain, Derivatives Volume 10 Times Spot Trading Sparks Competition
Cryptocurrency derivatives trading volume has significantly surpassed spot trading, making perpetual futures decentralized exchanges (Perp DEX) a core battleground for blockchains. Major public chains including BNB Chain's Aster, Aptos's Decibel, and Hyperliquid have begun deploying Perp DEX to enhance liquidity and trading environments. However, liquidity tends to concentrate among a few dominant platforms. In the future, platforms offering unique yields may emerge as long-term winners.
MarketWhisper1h ago
