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Mastermind of a Bitcoin [BTC] ponzi scheme worth over $300 billion arrested in India

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Mastermind of a Bitcoin [BTC] ponzi scheme worth over $300 billion arrested in India
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Amit Bhardwaj, a cryptocurrency expert, and a published author was arrested by the Pune police at the Delhi airport yesterday, upon returning from Bangkok. He is said to have masterminded a scam that involved over 8000 people and adding up to a whopping Rs. 2000 crores ($300 billion).

The Pune police have been on the lookout for him ever since he went into hiding over a year ago. His 3 companies, GB Minors, Gain Bitcoin, and GB21 have been under the police scanners and were under investigation for being part of the MLM program which promised its investors a high rate of returns on their investment but did not stay true to it. Amit’s arrest comes as an addition to the arrest of multiple other people involved in the Ponzi scheme.

Amit Bhardwaj has been a trusted and endorsed semi-celebrity in the virtual currency world for a few years now. He introduced India’s first retail marketplace accepting Bitcoin, HighKart, back in 2014 and also own multiple Bitcoin mining operations in India and China. In addition to this, he has also authored 2 ebooks, ‘Cryptocurrency For Beginners’ and ‘Cryptocurrency Trading & Cryptocurrency Mining’.

Thus far, according to sources, a total of 32 Bitcoin and 79.99 Ether has been recovered in addition to vast sums of cash. There seem to be indications that this could be a part of a much bigger operations with links to multiple countries including Pakistan, Ukraine, Russia, Indonesia and many more. The police is further investigating the case as this arrest becomes a crucial component to build a strong case for the investors to seek justice.

Pankaj Ghode, with the Pune police, told news sources:



“we are waiting to get our hands on the physical data and after that we would be able to figure out the exact number of bitcoins involved in this case. But we estimate that it could be anything between one lakh to five lakh bitcoins.”

Sukhbir Uppal had these very strong feelings about the arrest:

“Arrest of Amit Bharadwaj is an amazing !Amit Bhardwaj should rot in jail and get 100 lashes every day. Please get our BTC back. NO BAIL FOR HIM EVER.”

Ajay Sharma tweeted:

“Highly Laudable !! Sincere thanks to Pune Police for bringing back scamster Amit Bhardwaj who has duped innocent people of their hard earnings by investing in his ponzy scheme GainBitcon. Amit Bhardwaj should return investors Bitcoins”





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Andrea Pierre Jackson is a contributing News writer at AMBCrypto from December 2017. She has previous writing experience with major publishing houses in the UK and the US. Andrea currently does not hold any position in any cryptocurrency or its projects

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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