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India: $300 million worth Bitcoin Ponzi scheme accused gets interim bail

Namrata Shukla



Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Coins undergo price corrections as bears rally back in the market
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Amit Bharadwaj, the accused in a Bitcoin Ponzi scheme worth $300 million, was granted interim bail by the Supreme Court of India.

Bharadwaj, the Founder of GainBitcoin, was suffering from kidney failure for months, his lawyer Deepak Prakash informed the court. According to reports, Bharadwaj spent most of his prison time being admitted in a jail hospital in Delhi. Bharadwaj had skipped all court hearings since December 2018 due to health issues. These hearings pertained to the 12 criminal cases filed against him by the Enforcement Directorate throughout the country.

The Supreme Court of India heard his bail plea on 27 March and ordered his lawyers to submit his medical reports on 3 April. Advocate Prakash submitted Bharadwaj’s medical report attested by the All India Institute of Medical Sciences [AIIMS]. The report revealed that the accused had undergone a kidney transplant this year.

The medical report noted that Bharadwaj’s kidneys were functioning normally, leading to his plea getting dismissed. However, his lawyer debated the dismissal, arguing that Bharadwaj needed time to gain back his physical and mental fitness. After much deliberation, the court agreed to grant him temporary relief from prison.

However, Bharadwaj was asked to deposit a bond of ₹ 100 million [$1.5 million] for bail. The significant bail amount imposed by the court on Bharadwaj is an incentive against the accused absconding, while on bail.

Bharadwaj was not the only one involved in the GainBitcoin Ponzi scheme. Seven other culprits including, Amit Bharadwaj’s brother, Vivek Bhardwaj, were apprehended, reported CCN.

Vivek Bharadwaj received an interim bail on 3 April alongside his brother. The rest of the accused were also jailed briefly, but were also bailed out. The Amit Bharadwaj-led scam impacted 6,000 investors in India alone.

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Binance sees ‘higher number of orders’ than peak Bitcoin frenzy of 2017; hints at iOS app for Binance




Binance exchange is seeing 'higher order number of orders' than peak Bitcoin frenzy of 2017; suggests iOS app for Binance
Source: Unsplash

Binance exchange, the world’s largest cryptocurrency exchange by trading volume, was reported to have problems with a couple of users since there was too much load on the exchange, especially with Web, PC, APP.

CZ tweeted:

He also added that there was much “Higher load” than 2017 when Bitcoin reached its all-time high since inception. Moreover, CZ also said that the APIs for the exchange were working fine and that the team was working on fixing the other issues.

In addition, CZ clarified his tweet about “higher load” as he tweeted:

However, at press time, Binance was the second largest exchange in the whole of crypto space, according to CoinMarketCap, with an adjusted 24-hour trading volume of $2.3 billion. Moreover, as per CMC, the 24-hour change in the trading volume for Binance decreased by 25.78%.

Moreover, Coingecko platform reported that Binance was the largest in terms of the trading volume; it had a normalized 24-hour trading volume of $1.36 billion and $2.38 billion adjusted trading volume.

Although the exchange was hacked a few weeks ago costing it 7000 BTC [now worth $55 million] the exchange, according to CZ, has been performing well enough.

A Twitter user @Khaleed_kareem0, commented:

“Sir, You need bigger servers for this heavy traffic like FB and google, also need to avail the app officially on the App store and update the IOS version All the support for U @binance”

CZ replied to him hinting that they were working with Apple to release an iOS version of the app.

“working with Apple on that one. crypto apps are tricky, it seems.”

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