Crypto 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.