A multi-crore Bitcoin scam has hit the BJP-led government in Karnataka. Despite a string of lawsuits and reports from the CFTC, the government has not resorted to banning the cryptocurrency. Instead, it has shifted the focus to the state’s cyber crime police, which has handed over different aspects of the case to investigative agencies such as the CBI. Fortunately, the CFTC is not alone in investigating the Bitcoin scam.
Recently, a senior officer in the ED’s scam investigation denied any involvement in the scam. The stolen bitcoins were blacklisted and cannot be converted into currency, according to ED. The ED is currently investigating these allegations, but for now, it is safe to proceed. Srikrishna, the main suspect, was arrested in January 2021 and released on bail. The hacker is suspected of stealing around $56,000 from various victims.
The CCB has said it recovered 31 bitcoin worth Rs 9 crore from Srikrishna, but has since pulled the claim. Other Congress leaders have claimed that he had transacted up to Rs 10,000 crore in bitcoins with Srikrishna. Ramalinga Reddy, the KPCC’s Working President and former Home Minister, has alleged that the BJP and RSS are responsible for the scam. While the government has rebuffed the accusations, it is still working to identify the real culprits.
As the popularity of Bitcoin grows, more people are interested in acquiring bitcoins. However, it is important to remember that there are plenty of scams that can cost thousands of dollars. If you’re interested in buying bitcoins, make sure to read up on the latest bitcoin red flags to stay safe. You can never be too careful when it comes to cryptocurrency – even if you’re a seasoned bitcoin enthusiast. Don’t trust anyone who claims to be a trusted source.