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Indian authorities seize $190M in crypto tied to BitConnect Ponzi scheme

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Indian authorities have confiscated approximately $190 million worth of cryptocurrency from an individual connected to the now-defunct BitConnect Ponzi scheme. The Directorate of Enforcement (ED), India’s financial crime investigation agency, carried out the seizure as part of an ongoing probe into fraudulent activities tied to the global scam. BitConnect, once one of the largest cryptocurrency lending platforms, collapsed in 2018, leaving investors worldwide with massive losses.

According to the ED, the seized funds were linked to Satish Kumbhani, the alleged mastermind behind BitConnect, and his associates. Investigators revealed that Kumbhani and his network defrauded thousands of investors by falsely promising high returns on crypto investments. The agency emphasized that the funds were laundered through various cryptocurrency exchanges before being traced and frozen. This latest action marks one of India’s largest crypto-related asset seizures to date.

BitConnect operated by encouraging users to lend Bitcoin in exchange for its native token, BCC, while guaranteeing daily returns through an automated trading bot. However, authorities later exposed the scheme as a classic Ponzi operation, where returns were paid from new investors’ funds rather than actual trading profits. The U.S. Department of Justice and other global regulators have also been investigating BitConnect’s fraudulent activities, with multiple arrests and legal actions taken against its key figures.

The ED has reaffirmed its commitment to cracking down on crypto-related financial crimes, especially those involving large-scale fraud and money laundering. This seizure underscores India’s increasing scrutiny of cryptocurrency transactions, aligning with global efforts to regulate digital assets and prevent illicit financial flows. Authorities continue to track funds linked to BitConnect and similar scams, signaling that enforcement agencies are taking a firm stance against crypto fraud.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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