ED seized 190 million worth of crypto from Bitconnect scammers

Bitcoin Smith

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Merit: 284

Quote from: TheUltraElite on February 18, 2025, 05:58:42 AM

Let us hope that the government helps such victims get their money back and punish these scumbags.

Scammed money from the bitconnect scam is around 2.4 billions so even this 190 million seizure is nothing compared to the amount and we also forgetting the price increase of cryptos in those 6-7 years then the numbers will reach sky. Roll Eyes

I don't see any follow up news about the arrest, will he able to find his way back through bribing? cause it's very much possible with our judiciary system if he find the right lawyer and since he got all the money needed then this is going to take another few years unless there's pressure from for the person on international level.

pawanjain

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Nothing lasts forever

Quote from: JSRAW on February 16, 2025, 10:38:48 AM

This Bitconnect name sounds familiar lol

Bitttcoooennneeccccctttttt

Uska host aese he bolkar promote karta tha

Quote from: TheUltraElite on February 18, 2025, 05:58:42 AM

When I came to this forum bitconnect was booming like anything. On the Primedice chatbox everyone was shilling for bitconnect and their downlining system was so lucrative everyone wanted referrals for themselves.

That is how am MLM works, as people continue to put money in it, it will grow, but as soon as the stop the pyramid will collapse.

I never took part in such things and I saw how badly it crashed. Half of the Phillipino community on Primedice had invested in it and they all suffered huge losses.

Let us hope that the government helps such victims get their money back and punish these scumbags.

Even I had put around $200 back then in bitconnect which was a big amount for me.
Sadly, it ended pretty quickly after I had invested in it. Probably me and JSRAW invested almost at the same time.
I guess it was around 2-3 months after I invested that the site crashed and it all ended.

TheUltraElite

legendary

Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

When I came to this forum bitconnect was booming like anything. On the Primedice chatbox everyone was shilling for bitconnect and their downlining system was so lucrative everyone wanted referrals for themselves.

That is how am MLM works, as people continue to put money in it, it will grow, but as soon as the stop the pyramid will collapse.

I never took part in such things and I saw how badly it crashed. Half of the Phillipino community on Primedice had invested in it and they all suffered huge losses.

Let us hope that the government helps such victims get their money back and punish these scumbags.

JSRAW

legendary

Activity: 2184

Merit: 1540

This Bitconnect name sounds familiar lol

Yeh wahi pyramid type wala scheme tha na? I remember throwing around 45k Japanese Yen on this coin when I was new, yaari dosti ke chakkar mein dala tha aur 2 mahine ki andar hi sab udh gya. Good ol' days of ICO madness. Cheesy

Don't think I should expect anything from the authorities. Yeh kamine sirf lete hai, dete kuch nahi.

pawanjain

hero member

Activity: 2702

Merit: 716

Nothing lasts forever

Quote from: Bitcoin Smith on February 16, 2025, 06:39:23 AM

Indian authorities have seized nearly $190 million worth of crypto tied to the notorious BitConnect Ponzi scheme, which collapsed in 2018.

The seized assets reportedly belonged to associates of Bitconnect, which was allegedly responsible for 4,000 investors across 95 countries losing an estimated $2.4 billion. Launched in 2016, Bitconnect collapsed just two years later.

Bitconnect founder Satish Kumbhani — who was charged by the US Department of Justice in February 2022 — reportedly built a global network of promoters, paying them commissions to promote the Ponzi scheme.

“During the period from November 2016 and January 2018, the accused persons allegedly collected money from investors worldwide, including those from India

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

It's been two years since he got away from SEC and ongoing investigation in US, now he got by the Indian government.

My question is, who will now proceed this criminal which is supposed to be in India or the US might request access for the investigation and which government is in charge of the seized funds?

My question is whether the seized assets will be returned to the investors or not ?
If yes, how will they be able to find out the investors and how will they segregate the funds between them.
If no, what will they do with the seized funds ? Would it be like a free lottery for them and will they use it as they like ?
Even I had invested an amount back then in bitconnect and as much as I want, almost everyone will want their funds back.

Bitcoin Smith

sr. member

Activity: 910

Merit: 284

Indian authorities have seized nearly $190 million worth of crypto tied to the notorious BitConnect Ponzi scheme, which collapsed in 2018.

The seized assets reportedly belonged to associates of Bitconnect, which was allegedly responsible for 4,000 investors across 95 countries losing an estimated $2.4 billion. Launched in 2016, Bitconnect collapsed just two years later.

Bitconnect founder Satish Kumbhani — who was charged by the US Department of Justice in February 2022 — reportedly built a global network of promoters, paying them commissions to promote the Ponzi scheme.

“During the period from November 2016 and January 2018, the accused persons allegedly collected money from investors worldwide, including those from India

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

It's been two years since he got away from SEC and ongoing investigation in US, now he got by the Indian government.

My question is, who will now proceed this criminal which is supposed to be in India or the US might request access for the investigation and which government is in charge of the seized funds?

Topic: ED seized 190 million worth of crypto from Bitconnect scammers (Read 51 times)