NewsletterCrypto India: Indian Cops Arrest 26-year old For Stealing $1.2 Million in Bitcoin
Indian law enforcement agency has arrested a 26-year old hacker from Bengaluru Karnataka for stealing nearly 9 crore INR worth of Bitcoin equivalent to about USD 1.2 million from three different exchanges and Poker website, as per news reported by ANI.
The investigation against the accused was led by the Bengaluru Joint Commissioner Of Police Sandeep Patil. Patil in his address to the media revealed that the hacker in question was first arrested back in November last year for hacking government websites and gaming portals, however during the investigation it was found that the accused has also stolen significant amounts of Bitcoin from crypto exchanges and gambling portals.
Patil said,
During the investigation, it was found that the accused Srikrishna hacked three bitcoin exchanges and 10 Poker Sight. A total of 9 crore INR worth of bitcoin was also confiscated by the accused. C
Cyber Crimes On the Rise Post Bitcoin’s Rise in Popularity Owing to Ongoing Bull Run
Bitcoin’s ongoing bull run has pushed its price almost double to that of 2017 high has brought back the frenzy around the top cryptocurrency. As the popularity of cryptocurrencies and Bitcoin rises so did the number of scams and cybercrimes associated with it. India has been home to many such scams and hacks due to the bull run.
Recently, the Indian law enforcement agency also arrested a 60-year old returning from Dubai for operating a Ponzi bitcoin scheme and duping investors worth millions of their investment.
With no regulatory clarity insight, owning crypto assets in India itself is seen as brave with many rumors about a possible blanket ban from time to time. While India as a country has made significant progress in the crypto industry with the likes of CoinDCX and Matic proving India’s mettle in the crypto industry, the regulatory framework has become the need of the hour, otherwise, there is a chance of budding crypto industry relocating for favorable regulations.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- NYSE Arca Seeks SEC Approval to List T. Rowe Price BTC, ETH, XRP, DOGE, SHIB ETF
- Crypto Traders Bet on Bitcoin Hitting $100K by Year-End Amid Dovish Fed Pivot
- XRP Market Supply Plummets Amid Expanding Institutional Demand
- Cathie Wood Predicts Crypto Market Recovery as Liquidity Squeeze Ends
- Pi Network Boosts Utility With Major Partnership With CiDi Games, Expert Calls it “ Real Progress”
- Is XRP Price Gearing Up for a Rally as Reserves Collapse?
- Dogecoin Price Hovers Above $0.15 as Bulls Eye a Fresh Breakout
- Shiba Inu Price Could Rally As SHIB Burn Rate Surges 790% in 24H
- Binance Coin Price Faces Steep Risk as Key BSC Metric Crashes 75%
- Zcash Price Prediction — Is a Rally Ahead After Grayscale’s Bold ZEC ETF Bid?
- Ethereum Price Rallies Above $3,000 Ahead of Fusaka Upgrade: What to Expect?
