Asia’s Richest Man Mukesh Ambani Asked Ransom in Crypto After Bomb Threat

By Bhushan Akolkar
Published February 28, 2021 Updated February 28, 2021
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Asia’s Richest Man Mukesh Ambani Asked Ransom in Crypto After Bomb Threat

By Bhushan Akolkar
Published February 28, 2021 Updated February 28, 2021

Earlier this week, an explosives-filled SUV was parked outside ‘Antila’, the house of Asia’s richest man Mukesh Ambani living in Mumbai, India. As the investigation proceeds, Jaish-ul-Hind has claimed responsibility for this bomb threat and has demanded a ransom in crypto citing future threats if Ambani fails to pay them.

From a written draft written by the terror outfit, it is clear that they have demanded the payment to their Monero address. The ransom message first appeared on the Telegram app.

Courtesy: Telegram

As it turns out, privacy coins like Monero have once again been on the radar of terror outfits. While the technology behind is really exemplary, some illicit players across the world have been taking undue benefit of it.

As a result, lawmakers have been increasingly focused to ban the use of privacy-based cryptocurrencies. Last year, even the U.S. Justice Department had raised concerns on Monero. In fact, the agency also announced a price reward of half-a-million dollars for anyone who breaks into the Monero code. However, no one yet has been able to make its way through Monero’s full-proof technology.

As it turns out, the terror outfit has even threatened to harm Ambani’s son and other family members.

India’s Concerns on Crypto Use

India’s central bank, securities regulator SEBI, and the government have been unanimously voicing concerns over the use of crypto over the last few months. One of the major reasons cited by authorities is the use of crypto for illicit activities.

Unfortunately, events like this provide altogether an additional reason for authorities to consider a crypto ban. However, events in isolation should not become the basis for a pan-country ban. Indian crypto user base has significantly grown over the last year.

The COVID-19 economic crisis has pushed more people closer to cryptocurrencies. However, India’s crypto market is still much smaller in size with only $1 billion in total crypto exposure. Despite being one of the world’s top-ten economies, India has been slow in crypto adoption even in comparison to other Asian peers. As per the latest reports, India is most likely proceeding ahead with a ban, however, upon the final disclosure, investors will get a 3-6 months time frame to liquidate their holdings.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
820 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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