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Indian Bitcoin Master Arrested for INR 2,000 Crore Fraud

13Apr By Sheldan RungasamyNo Comments

News

Indian Bitcoin Master Arrested for INR 2,000 Crore Fraud

The person behind GBMiners, the firm credited for introducing bitcoin mining in India, has been arrested for swindling over 8000 investors of INR 2,000 crores in the state of Maharashtra alone. Amit Bhardwaj, one of most well-known person in the digital currency world, and his brother Vivek Bharadwaj were arrested after evading the police for over the year. This is the first time that an enforcement case investigation report (ECIR) was filed in India under the Prevention of Money Laundering Act in Mumbai. More people are involved in the ECIR such as Ajay Bhardwaj, Rupesh Singh, Hemant Chauhan, Hemant Suryavanshi, Kaka Ravde and more. The Reserve Bank of India (RBI), the Enforcement Directorate (ED) and the Cybercrime Cell of Pune Police are all going to take actions against the culpr...

RBI Issues Two New Policies to Payment Operators

7Apr By Sheldan RungasamyNo Comments

News

RBI Issues Two New Policies to Payment Operators

The RBI ordered all payment system operators in the territory of India to stop exporting their financial data outside the country. While announcing its bi-monthly monetary policy statement, the RBI also pointed out that in order to facilitate their access to all payment data for supervisory purposes, payment system operators are bound to keep all related data collected they possess stored exclusively within the territory of India. The RBI further announced that it is granting six months to all payment system operators to transition to this new policy and make necessary amendments to their systems. Additionally, all regulated financial institutions, including banks will not be allowed to provide any financial services to businesses dealing with virtual currencies (VCs) such as bitcoin...

Delhi Woman Lost Rs 6.5 Lakhs Worth of Bitcoins From Hackers

22Mar By Sheldan RungasamyNo Comments

INDIA

Delhi Woman Lost Rs 6.5 Lakhs Worth of Bitcoins From Hackers

A woman living in Delhi has apparently lost around Rs 41 lakh from an unidentified hacker. The resident from Mayur Vihar has lodged a theft complaint to the economic offences wing of the Delhi Police. According to reports, the woman first lost bitcoins worth Rs 6.5 lakh to hackers who accessed her bitcoin account. The rest of the amount was lost after she trusted cheats who promised to help her retrieve the lost money. The cyber cell of Delhi Police has reportedly started their investigation into the matter. The woman explained to the police that she made an initial investment to buy 0.4 bitcoin in February 2017, which she did via a firm that promised her returns of 12 percent every month on her investment which she did receive until August in her bank account. In the meantime,...

Google Announces Ban on Cryptocurrency Ads

15Mar By Sheldan RungasamyNo Comments

News

Google Announces Ban on Cryptocurrency Ads

Google announced a ban on online advertisements sponsoring cryptocurrencies and initial coin offerings as from June, this new policy forms part of a major crackdown on the promotion of a new type of high-risk financial products. Alphabet Inc., Google’s parent company announced yesterday night the decision of updating its current ad policy stating the search engine giant will now be banning ads for “cryptocurrencies and related content.” This comes after Facebook similarly banned ads promoting the digital-currency sector in January. Hence, the two largest web-ad sellers are now out of bounds of the budding digital-currency sector. Google also announced it would start restricting ads for financial products which includes binary options. Currently, googling terms like “binary options” a...

This Japanese Company Is Paying Its Employees In Bitcoins

19Dec By RishabhNo Comments

Story

This Japanese Company Is Paying Its Employees In Bitcoins

Japanese web giant GMO Internet Group recently revealed that it will soon start paying its employees, a part of their salary through Bitcoin, Bitcoin and digital cryptocurrency website Coindesk reported. As per the release, GMO will be rolling out this system from February 2018 within GMO Internet Co. Ltd. expansion across the entire group and its over 4,000 employees to follow. The employees will have an option to have a part of their monthly salaries, with lower limit being 10,000 Yen (around $88) and an upper limit of 100,000 Yen (around $882) as Bitcoin. "(the employees).. will also receive a bonus of 10 percent of the chosen amount as a 'incentive'" the release stated. Tokyo-based GMO first entered the cryptocurrency space with the opening of an exchange in May 2017. The com...