Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 12837
Markets: 99741
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Market Cap
24h Vol
12837
Cryptocurrencies
60.66%
Bitcoin Share
The Daily Hodl 2025-02-17 21:00:24

Authorities in India Seize $190,000,000 in Crypto Assets Related to 2018 BitConnect Ponzi Scheme: Report

Authorities in India Seize $190,000,000 in Crypto Assets Related to 2018 BitConnect Ponzi Scheme: Report

Law enforcement authorities in India reportedly seized crypto assets linked to the BitConnect Ponzi scheme that defrauded hundreds of victims before collapsing in 2018. Indian Express reports that the Enforcement Directorate (ED) seized Rs (Indian Rupee) 1,646 crore or nearly $190 million in crypto assets during its investigation of BitConnect. The agency, which is in charge of enforcing economic laws and combating financial crimes in India, also seized Rs 1.35 million ($15,550), an SUV and digital devices during searches in the Indian state of Gujarat on February 11th and 15th. The ED says that from November 2016 to January 2018, the people behind the scheme allegedly amassed funds from investors around the world, including participants located in India. BitConnect co-founder Satish Kumbhani allegedly established a network of promoters who received commissions when they enticed investors into depositing cash and Bitcoin ( BTC ) into the purported lending program. The promoters also posted fictitious information on the BitConnect web portal, claiming an average of 1% returns per day or about 3,700% per year. The ED says that despite BitConnect’s representation that it could generate up to 40% monthly returns using a proprietary trading bot, the perpetrators of the scheme did not use the invested funds for trading but deposited them into digital wallets that they controlled. Authorities also say the crypto wallets carried out transactions through the dark web to make them untraceable, but by following on-chain transactions and gathering ground intelligence, the agency identified the wallets and the location of the devices that held the cryptocurrencies. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Authorities in India Seize $190,000,000 in Crypto Assets Related to 2018 BitConnect Ponzi Scheme: Report appeared first on The Daily Hodl .

Most Read News



Cryptohopper
Market Cap
24h Vol
60.66%
Bitcoin Share
322
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.