India’s Crypto Crackdown: BitConnect’s Ill-Gotten Gains Seized, but Where’s the Rest?
Indian authorities seized $200 million in loot linked to the BitConnect crypto-Ponzi scheme. Despite their efforts, it’s just a fraction of the estimated $2 billion lost. The Directorate of Enforcement tracked and nabbed the loot, showing off some serious crypto-detective skills. But with founder Kumbhani vanished, the remaining BitConnect booty remains elusive.
Hot Take:
Looks like BitConnect’s crypto cat-and-mouse game just got a new player: India’s Directorate of Enforcement. While they might not have found the golden goose, they’ve certainly ruffled a few feathers. And who knew that crypto-criminals were so attached to their shiny black Lexuses?
Key Points:
- India’s Directorate of Enforcement seized over $200 million related to the BitConnect scam.
- BitConnect promised unrealistic monthly returns of 40% through a “lending program.”
- The U.S. SEC labeled BitConnect’s operation as a Ponzi scheme in 2022.
- Glenn Arcaro pled guilty and promised restitution of nearly $18 million.
- The mastermind, Satish Kumbhani, has vanished into thin air.
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