As complaints about cryptocurrency are on the rise in india, there is a debate over the rules, regulations, and laws to regulate it. Is it possible to control cryptocurrencies? Until then what should investors do?
In november 2020, a man by the name of sri krishna Ramesh was arrested and interrogated by the Bangalore City Crime Branch. Ramesh was arrested on charges of trying to buy drugs using a shadow network for bitcoins (DarkNet).
But during the police investigation, he was shocked by the sharp information. The person said that he had entered the crypto accounts of various persons and taken bitcoins and now he has 31 bitcoins.
With the value of a bitcoin worth about 44 lakh 83 thousand rupees to date, the police thought that the biggest hacker was in their possession.
During the ensuing investigation, Sreeki said that he had hacked the bitcoin exchange called Bitfinex twice.
Ramesh also said that he used the money to buy a room in a hotel and spend up to 3 lakh rupees a day.
In addition, the police froze in shock when he claimed that in 2019, he hacked the karnataka government's websites and exchanged money.
It subsequently informed the cbi and Interpol on april 28 this year. But only after this did the real shock awaits.
When the police showed Ramesh your bitcoin account, Sriramesh showed him a bitcoin account. There were 31.8 bitcoins in that account.
After getting the court order and going back to Ramesh's Bitcoin account there were 186.811 bitcoins instead of 31.8 Bitcoin. The police were confused.
Later, when the cybercrime experts kept investigating, it became clear to the police that what Ramesh had said as his account was a bitcoin exchange and that Ramesh did not have the personal key to it.
Further technical tests revealed that many of the hacking incidents that Ramesh had said were false.
By this time, however, the opposition had roasted the ruling BJP. In the Bitcoin scandal, the bjp Former chief minister Chidramaiah also accused the leaders of being involved.
What is understood in this whole affair is that not only cryptocurrency investments in india but there are many problems in investigating them even if there are irregularities.
In the aftermath of this event, the government of india has realized that it needs to make a decision soon on regulating cryptocurrency investments.
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