Indian authorities have arrested a man for allegedly kidnapping two employees of BitConnect creator Satish Kumbhani and extorting $125 million in crypto.
The Indian Enforcement Directorate (ED) of Ahmedabad said Shailesh Babulal Bhatt lost money investing in BitConnect Coin, a cryptocurrency linked to the now-defunct crypto platform BitConnect — which authorities have labeled a global 'Ponzi' scheme.
To “recover his investment,” the ED alleges Bhatt, along with accomplices, kidnapped two employees of BitConnect’s creator Satish Kumbhani, extorting 2,091 Bitcoin BTC and around $1.7 million (145 million Indian rupees) in return for their release.
BitConnect launched in 2016 and collapsed in 2018, with 4,000 people from 95 countries losing an estimated $2.4 billion. It’s alleged the whole enterprise was a massive Ponzi scheme.
Bitconnect was one of the most famous crypto-related Ponzi scams years ago and I never thought it would still be landing on the news in 2024. The man who resorted to kidnaping must really be so desperate to recover his past losses on the failed scheme that he risked himself of being thrown to jail for kidnapping and extortion. As one of the many victims of the crime committed by Bitconnect, Shailesh Babulal Bhatt is now facing the law as he likewise committed another crime. This is telling us how far-reaching are the consequences of scams and frauds in the society...they are destroying lives, collapsing families and can induce more crimes in the process.I never expected this to happen after Bitconnect (BCC, not BitcoinCash) collapsed in 2018, ending the lending wave and becoming the perfect reason for the crypto market to enter an extremely harsh winter. This ponzi scheme ruined the lives and futures of many people, turning them into debtors and plunging their families into despair.
The person you mentioned could have made a fortune today by holding Bitcoin, but unfortunately his participation in BitConnect deprived him of that opportunity. The bitConnect breach and its ramifications have been a truly tragic chapter in the history of the crypto market. BitConnect was a Ponzi scheme that lured many people through lending programs, and many lost their wealth and lives as a result of such Ponzi schemes.Bitconnect was one of the most famous crypto-related Ponzi scams years ago and I never thought it would still be landing on the news in 2024. The man who resorted to kidnaping must really be so desperate to recover his past losses on the failed scheme that he risked himself of being thrown to jail for kidnapping and extortion. As one of the many victims of the crime committed by Bitconnect, Shailesh Babulal Bhatt is now facing the law as he likewise committed another crime. This is telling us how far-reaching are the consequences of scams and frauds in the society...they are destroying lives, collapsing families and can induce more crimes in the process.I never expected this to happen after Bitconnect (BCC, not BitcoinCash) collapsed in 2018, ending the lending wave and becoming the perfect reason for the crypto market to enter an extremely harsh winter. This ponzi scheme ruined the lives and futures of many people, turning them into debtors and plunging their families into despair.
Bhatt could have become wealthy if he had continued holding 2,091 BTC until today and had assets worth around $125M. Unfortunately, he joined BCC and lost all his assets, and even committed a crime 6 years after BCC disappeared. I hope his family will still be okay while he is in prison to pay for his recklessness.
The person you mentioned could have made a fortune today by holding Bitcoin, but unfortunately his participation in BitConnect deprived him of that opportunity. The bitConnect breach and its ramifications have been a truly tragic chapter in the history of the crypto market. BitConnect was a Ponzi scheme that lured many people through lending programs, and many lost their wealth and lives as a result of such Ponzi schemes.Bitconnect was one of the most famous crypto-related Ponzi scams years ago and I never thought it would still be landing on the news in 2024. The man who resorted to kidnaping must really be so desperate to recover his past losses on the failed scheme that he risked himself of being thrown to jail for kidnapping and extortion. As one of the many victims of the crime committed by Bitconnect, Shailesh Babulal Bhatt is now facing the law as he likewise committed another crime. This is telling us how far-reaching are the consequences of scams and frauds in the society...they are destroying lives, collapsing families and can induce more crimes in the process.I never expected this to happen after Bitconnect (BCC, not BitcoinCash) collapsed in 2018, ending the lending wave and becoming the perfect reason for the crypto market to enter an extremely harsh winter. This ponzi scheme ruined the lives and futures of many people, turning them into debtors and plunging their families into despair.
Bhatt could have become wealthy if he had continued holding 2,091 BTC until today and had assets worth around $125M. Unfortunately, he joined BCC and lost all his assets, and even committed a crime 6 years after BCC disappeared. I hope his family will still be okay while he is in prison to pay for his recklessness.
Is the two Bitcoinect creator going to jail for the scamming they did or still going to just walk free?I think the founder Satish Kumbhani remains at large. There are news of indictment but no news of his arrest yet.
The man who resorted to kidnaping must really be so desperate to recover his past losses on the failed scheme that he risked himself of being thrown to jail for kidnapping and extortion.yes he must be very desperate but he probably had some power to pull this off you can’t find a random man being able to kidnap 2 people especially two people who also have committed crimes
As one of the many victims of the crime committed by Bitconnect, Shailesh Babulal Bhatt is now facing the law as he likewise committed another crime.it’s just a shame that it ended up like this i am sure he is devastated for losing his money but now he has also lost his life as he will most likely be spending years in jail and even if not this record will be permanently on him and damage his image and reputation
Last year, there was an order of refund to the victims worldwide but the amount is too small compared to what they've scammed ($17.6 Million).Is the two Bitcoinect creator going to jail for the scamming they did or still going to just walk free?I think the founder Satish Kumbhani remains at large. There are news of indictment but no news of his arrest yet.
Director and promoter Glenn Arcaro was charged and pleaded guilty.
This is not something right to see others doing, if we make mistake as a result of the choice we made, we shouldn't then hold some other people into ransom for what we are passing through, kidnapping doesn't guarantee for full recovery, the main target here were supposed to the the organization involved and not other targets from innocent people, some people have just been used to judging things with the wrong approach.
This is what happens when governments to not handle scams well enough. It makes desperate people turn to crime in order to get their money back.
In my opinion, I feel that there should be a special international agency specifically for busting crypto scams and reimbursing the proceeds to the victims who lost money on it.
This is what happens when governments to not handle scams well enough. It makes desperate people turn to crime in order to get their money back.Agree with you but much research is needed on how effective an international organization can be in recovering lost currency with decentralized crypto systems. It is possible if the scammers can be identified and their wallets can be held.
In my opinion, I feel that there should be a special international agency specifically for busting crypto scams and reimbursing the proceeds to the victims who lost money on it.
Your thoughts are very important and point to an important issue in the current crypto space. In cryptocurrencies, especially decentralized systems like Bitcoin, recovering lost coins is challenging, as there is no central regulator or organization on the blockchain that can handle such issues. If an international organization has the power to identify fraudsters and seize their wallets, it is decentralized. The principle can be reversed, which is a key feature of cryptocurrencies. The control of the private key or wallet in the crypto space is completely in the hands of the user, which ensures its security and independence.This is what happens when governments to not handle scams well enough. It makes desperate people turn to crime in order to get their money back.Agree with you but much research is needed on how effective an international organization can be in recovering lost currency with decentralized crypto systems. It is possible if the scammers can be identified and their wallets can be held.
In my opinion, I feel that there should be a special international agency specifically for busting crypto scams and reimbursing the proceeds to the victims who lost money on it.
Bitconnect was one of the most famous crypto-related Ponzi scams years ago and I never thought it would still be landing on the news in 2024. The man who resorted to kidnaping must really be so desperate to recover his past losses on the failed scheme that he risked himself of being thrown to jail for kidnapping and extortion. As one of the many victims of the crime committed by Bitconnect, Shailesh Babulal Bhatt is now facing the law as he likewise committed another crime. This is telling us how far-reaching are the consequences of scams and frauds in the society...they are destroying lives, collapsing families and can induce more crimes in the process.The idea of bitconnect seems so true to be right. I was not aware of this scam before or maybe I was but it's really sad that how such platforms can make people do things that they don't want to. I mean after all these years how this Bhatt came to know that this X person is an employee of Bitconnect and he should have checked the background as well like what this X person is doing nowadays without Bitconnect job.
This is what happens when governments to not handle scams well enough. It makes desperate people turn to crime in order to get their money back.I don't think this is a fault of the government, there is no way they can stop crypto scams, especially when crypto isn't regulated in so many regions around the world, and even in regions that it is regulated, there is no real or clear regulatory framework. Crypto is risky, and its users should know that and have to protect themselves from it, the government cannot really help so much.
I don't know the people who got kidnapped, I am not even sure if the kidnappers got the money they want or not, but in the end law is the only truth no matter how much you like it or not. If you think that law did not do its job right, then you are talking about something that is risky, if you think law is not good and you should take it yourself, then next guy could do the same to you or someone you love. No matter how much we think law is corrupt, the moment we step outside of the law, we are talking about changing the world forever, in a world where law is not respected, we will end up with terrible results.
They know its wrong to kidnap the two creators of Bitconnect, the kidnapper just have no options of how to get justice when obviously his coins will never be recovered anymore.That is why it is always better to avoid falling victim to scammers, because once your funds are stolen, it is almost impossible to recover it. I still see people falling for crypto recovery scam, they think someone somewhere can help them recover their stolen money, and here is this man, going into kidnapping just to try and get his money back, but instead he is in even bigger trouble.