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**Indian Officials Locate BitConnect Fraud Ringleader, Confiscate $190 Million**
* India has confiscated $190 million in digital currency connected to the BitConnect fraud.
* Officials discovered dark web transactions and gave out a detention order for the fraud’s creator.
Indian officials have taken almost $190 million in digital currency tied to the BitConnect Ponzi scheme, in one of the nation’s biggest digital currency enforcement actions.
The Enforcement Directorate (ED) in Ahmedabad performed searches in Gujarat from February 11th to 15th. The agency took digital properties, $15,500 in currency, a sport utility vehicle, and some electronic gadgets.
The ED started an investigation after getting numerous police grievances in Surat.
According to authorities, BitConnect creator Satish Kumbhani created a worldwide network of promoters, tempting backers with guarantees of monthly yields of up to 40% through a so-called “volatility software trading bot.”
However, detectives discovered that backer’s funds were never traded, but were rather moved to digital wallets managed by Kumbhani and his partners.
Officials revealed that BitConnect defrauded over 4,000 backers in 95 nations, accumulating $2.4 billion before failing in 2018.
The U.S. Department of Justice indicted Kumbhani in 2022, but he remained a fugitive until Indian officials recently located him in Ahmedabad.
The ED has given out a detention order to prevent his escape and is preparing to detain him.
Detectives say many deals were performed through the dark web to conceal their origins, but forensic tracing helped recognize digital currency wallets and properties.
As further investigations continue, the ED is now preparing to provide compensation to victims, including foreigners who lost funds in the scheme.
**Digital Currency Market Dynamics**
* Bitcoin has decreased 0.3% in the last 24 hours, trading at $97,170.
Ethereum has decreased marginally today, by 0.4%, and is now valued at $2695.
**Leading Headlines**
* XRP value surges following SEC recognition. Three additional elements are additionally improving its value – *DL News*. It gives off an impression of being that the SEC is at long last starting to perceive XRP, which is incredible news for financial backers.
* Trump is starting to scrutinize his crypto position – *Unchained*. It’s captivating to see how political characters are answering the developing fame of crypto.
* Do basics have any meaning in crypto? – *Milk Road*. This is an inquiry that numerous financial backers are posing themselves as they attempt to explore the unstable crypto market.
* Milei pulls out after LIBRA image coin falls 90% — referring to “absence of comprehension” – *DL News*. Image coins can be exceptionally dangerous ventures, and it’s vital to direct your examination prior to putting resources into them. What occurred with the $275 Million PEPE Deal in a Day?
Kyle Baird is the end of the week editorial manager at DL News. Have a news tip? Reach him by email at [email protected].
