How Bitcoin gains fraudulent users out of $ 12 billion


Gain Bitcoin, an Indian-based company, was accused of running the country’s biggest scandal. In March 2022, authorities stopped the illegal operation, which was suspected of stealing $ 3.8 billion or ,000 80,000 from 100,000 victims. According to a recent report, this number is even larger.

Related Reading | Crypto Firm Considers Three Arrow Capital Bailouts, Hires Financial Advisors

Local authorities record more than 40 reports filed by Gain Bitcoin or Gain Bitcoin victims. The scandal has stolen money from people across the country. New estimates claim that the illegal operation could cheat victims with as much as 600,000 BTC.

The total value of the scam is linked to the price of Bitcoin. The number one crypto according to market caps has lost more than 60% of its value since 2021 and is currently trading at $ 20,500 with a 31% loss last week alone.

The BTC trend on the daily chart is on the bad side. Source: BTCUSD Tradingview

Amit Bharadwaj, one of the main suspects in GainBitcoin, was the alleged ringleader of the operation. However, the suspect died of cardiac arrest.

After Amit’s death, his brother Ajay Bharadwaj is the primary suspect. Local authorities tried to hand Ajay a private key and password in a crypto wallet so that there could be stolen funds.

In a trial held in March 2022, Ajay refused to cooperate with the authorities. His legal representation argued that the surviving bharadwaj lacked the skills to manage a crypto wallet.

Local police enforcement agencies record more than 60,000 IDs and email addresses from potential victims. Seeing its yield, these people are attracted to illegal campaigns. Clients were promised a risk-free 10% monthly payment on their BTC deposit.

The report said that those who agreed to lend their BTC were offered large monthly payments to take more risks. In the end, as is often the case with these investments, the risk-free option is the most expensive.

Bitcoin-based register scheme pushes India

Local reports claim that Ajay Bharadwaj is the main suspect. Other suspects include Magander Bharadwaj and Vivek Bharadwaj, potentially related to the late main suspect. The report quoted a spokesman for the Indian Enforcement Directorate (ED) as saying:

Investigations so far have revealed that Amit Bharadwaj (who died in January this year) in collaboration with the petitioner, Vivek Bharadwaj, Mahendra Bharadwaj and others i.e. multi-level marketing agents and associates collected 80,000 bitcoins as crime proceeds.

Related Reading | BlockFi mentioned that it has abandoned the three arrow capitals, here is what we know!

ED has yet to find all the crypto wallets associated with the scandal. In that sense, it is possible that the lawsuit was probably funded by raids and other actions taken to seize the case.


Post a Comment

Previous Post Next Post