Indian authority freezes a whole lot of bitcoin in respect of defrauding

Reatim

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Quote from: DaNNy001 on November 13, 2022, 03:32:54 AM

The Indian financial crime agency said a total of 300 multiple accounts where used for money laundering and has frozen a total bitcoin of 150.22 btc in their investigation

https://forkast.news/headlines/india-freezes-bitcoins-money-laundering/

when i read a "Whole Lot of Bitcoin" i thought we are talking about thousand of bitcoins here but what i see here is just a part of it.

but 150 bitcoin is truly a big amount to be freeze but if this will help the investigation and make a good outcome ? then yes lets see this to be better option.

and besides this will be returned once they are not find to be guilty.

DapanasFruit

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The fallout induced by the collapse of FTX is now starting to make some ripples on many places and platforms. Right now, am sure many countries are looking into how they gonna act with this development and then maybe thinking on how they can regulate the crypto industry, its players and to protect the investors from people like Sam Bankman Fried. Eyes of the government are certainly getting wider and wider and gone can be the days when of the Wild, Wild West for crypto...regulations are coming in and there is nothing that can stop it. What we are seeing in India can just be the start of many more things to come.

noorman0

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As I stated elsewhere, this is just progress of a case started from last year and actually also involves a reputable local exchange which has also been investigated by the local Indian authorities regarding alleged (although denied) money laundering, WazirX.

Whether by coincidence or not, it seems that the news media this time highlight many negative cases related to bitcoin.

harapan

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Quote from: romero121 on November 13, 2022, 05:59:25 PM

Based on the source it is mentioned that atleast 300 accounts used for the money laundering. The exchange connected is found to be Binance. Already through wazirx some awful incidents took place and caught during inspection. Once again similar incident keeps people under fluctuation on its usage. This year crypto hack is found to be high and calculated as more than $3billion.

In a country where there is no proper regulation and the people using it for money laundering and illegal transactions shows how bitcoin is used in the opposite way.

The Government of India firstly are no big fan of the usage of Bitcoin in that country they are big pals with the international monetary fund who doesn't support the usage of Bitcoin. Good it's fine they got to seize those coin's from fraudulent and illicit acts.
Second part I still the warnings are with Binance accounts, those still keeping their coins inside are doing themselves nothing but huge harm honestly. Binance are almost same as FTX and other centralized which the Fed's can put to a complete stop at anytime. Get your coins off listen to the warnings

yazher

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Looks like the Indian government is working to resolve the issue of their people always getting involved in scams, and hoping to see a good result here because this is not a small thing and it could lead to the extent that innocent people will suffer when they are involved in this kind of investment. They can now freeze the BTC? that is a good thing so that scammer cannot escape with the money and it will return back to its rightful owner again. People should be vigilant not to engage in any kind of investment fraud out there because nowadays they cannot run and they will gonna suffer for real if they get caught.

Frankolala

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The fear of hackers and third party is the beginning to good keeping of your coins in your own wallet where only you can have access to. The government must have made a proper investigation for them to be able to trace the funds and confirmed that it is in Binance,freezing the account is the best of option for them since I don't think these fraudsters can be caught or punished.

E-nugglet kept their funds in a centralized system so it was easy for the government to freeze, FTX crashed and so many person lost their investment all these are happening because this Exchanges are the same with our fiat banks but are in disguise online to be an exchange of crypto currency.

Fundamentals Of

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The lesson that we can get from here as well as from the FTX fiasco and many other unfortunate incidents involving confiscated, seized, stolen, frozen, and stuck Bitcoin is the same old lesson that has always been repeated over and over again, and that's "not your keys, not your coins."

The Indian government cannot freeze Bitcoin that is kept in a non-custodial wallet. In the same way that a Bitcoin kept in a non-custodial wallet can't also be a victim of an FTX-like scenario.

Everybody should now have a lot of reasons to practice self custody.

Die_empty

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Quote from: DaNNy001 on November 13, 2022, 03:32:54 AM

The Indian financial crime agency said a total of 300 multiple accounts where used for money laundering and has frozen a total bitcoin of 150.22 btc in their investigation

https://forkast.news/headlines/india-freezes-bitcoins-money-laundering/

I tried to read the article from the link you provided but it seems the information have been removed. But from what I got from news.bitcoin.com; a gaming applications E-nuggets was used to defraud Indians and the proceeds was used to buy bitcoins through Binance. The government had to trace and freeze about 150.22 bitcoins held at Binance that is related to this E-nuggets scam.

If E-nuggets was truly a scam application that defrauded the people, then they government acted correctly. But if was another strategy to clampdown on legitimate crypto companies with the aim of controlling or totally destroying them, I would state that the brains behind E-nuggets have learnt their lessons the hard way. They should have known that decentralize wallets is the only option.

Doan9269

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Quote from: DaNNy001 on November 13, 2022, 03:32:54 AM

Hackers and fraudstars are everywhere and their are also following up the trend seeing the recent developments as a means to defraud others

Hackers may be roaming about everywhere looking for preys but you cannchoose not to fall a victim of their trap by being professional in whatever thing you do online, you must also be intentional about knowing that theu truly exist and you're consciously doing every possible best to avoid any means of an attack from them, part of it is what has been mentioned earlier that not your keys not your coins, i think recent events should give more light to that, watch carefully the websites you visit, things you download and how you safeguard your keys away from Intruders or any third party close to you, if we didn't allow them come in, they can't attack us like that, because the network is strictly built under protocols that can restrict any means of attack except if we don't know how to ensure that or create some vulnerabilities.

pooya87

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Quote from: DaNNy001 on November 13, 2022, 03:32:54 AM

Now the Indian government has freezed a whole lot of bitcoin

This part and your title are wrong/misleading since nobody can "freeze bitcoin" because it is decentralized and transactions don't ask permission from an authority to be included in a block or transferred from one address to another.
The only thing authorities can "freeze" is the centralized accounts that hold IOUs not bitcoins. The IOUs that the centralized platform (eg. the exchange) promises to convert back to bitcoin if you wanted to withdraw.

SquirrelJulietGarden

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Let's return to why the Indian authority were able to freeze those accounts and related bitcoins?

Because it belongs to centralized platforms and those guys did not have non-custodial wallets so that they were easily frozen by government. The India government only have to put pressure on the platform team and froze those accounts. They can have solid or not solid reasons with their demand but if you don't store your bitcoins in non custodial wallets, you are very vulnerable to governmental activities.

Money laundering is bad and should be handled well, I support it but let's use this news to consider using non custodial wallets.

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Quote from: romero121 on November 13, 2022, 05:59:25 PM

Based on the source it is mentioned that atleast 300 accounts used for the money laundering. The exchange connected is found to be Binance. Already through wazirx some awful incidents took place and caught during inspection. Once again similar incident keeps people under fluctuation on its usage. This year crypto hack is found to be high and calculated as more than $3billion.

In a country where there is no proper regulation and the people using it for money laundering and illegal transactions shows how bitcoin is used in the opposite way.

they can see now the importance of regulating this market. at least, create laws or protocols to mitigate these fraudulent actions owed to crypto-related transactions. because if they won't, people will always find a way how to take advantage of this market without getting caught. this is also rampant when it comes to fiat money. crypto is just a new way for them to launder money.

romero121

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Based on the source it is mentioned that atleast 300 accounts used for the money laundering. The exchange connected is found to be Binance. Already through wazirx some awful incidents took place and caught during inspection. Once again similar incident keeps people under fluctuation on its usage. This year crypto hack is found to be high and calculated as more than $3billion.

In a country where there is no proper regulation and the people using it for money laundering and illegal transactions shows how bitcoin is used in the opposite way.

odolvlobo

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Not your keys, not your coins.

DaNNy001

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the world today is advancing and many people are following the trend

One of the major evolution is the inventing of cryptocurrency especially bitcoin which has lead to a whole new perspective to the way individual think about storing, transacting, and handling of there funds

As technology is advancing to help our life, the same way human being still use these great initiative for evil acts

Hackers and fraudstars are everywhere and their are also following up the trend seeing the recent developments as a means to defraud others

Just recently we heard about the FTX crash which has lead to millions of people loosing their money

Now the Indian government has freezed a whole lot of bitcoin
of bitcoin in an alleged act of defrauding people through the creation of E-nugget app

The Indian financial crime agency said a total of 300 multiple accounts where used for money laundering and has frozen a total bitcoin of 150.22 btc in their investigation

https://forkast.news/headlines/india-freezes-bitcoins-money-laundering/

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