To ‘recover’ losses from BitConnect, man kidnapped two

[Z-tight]

I never thought i would read something like this in 2024, someone lost money to a crypto ponzi scheme, and in a quest to get his money back, he resorted to the crime of kidnapping. It is strange, it could be that this person is a criminal in real life, because i find it hard to believe that one could just turn into a kidnapper overnight, i know it is frustrating to lose money to scammers, but to go this far, it cannot be done by just anybody.

[NotATether]

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.

[Jating]

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.

Yes, but that is going to be very difficult if government are not going to admit crypto. We are still in the situation wherein there are two sides of the spectrum, and so what we can get from this world body is to treat crypto as something out of the norm, and being used by criminals for their activities. So I'm not sure if this is going to be feasible in the future, as it could just depend on the country or the government who has the jurisdiction for the said crime.

[laijsica]

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.

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.

[Vision pro]

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.

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.

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.

[Faisal2202]

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.

Can he pay the money, It so a stupid and unrealistic plan that indicates that Bhatt is so desperate and wants his money back which he might have invested in Bitconnect on the advice of maybe this X person or some other dude maybe.

This concludes that we should do our own research and first realize one thing that a thing which seems too true to be wrong

[Z-tight]

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.

[Captain Corporate]

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.

[target]

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.

There is no use complaning as this case is close to forgotten. If back in the days people could just rally together bringing fitch forks to get justice, I guess what he just did is just his way of achieving justice.

[robelneo]

I do not tolerate their act but I can understand how it feels to lose everything you've had in a Ponzi scheme, So many lives have been lost because of Ponzi scheme.
They are desperate to recover their losses because they feel they have been deprived of injustice because the people responsible are still at large.

But by doing this, they put themselves as criminals too, they should have waited for justice to be served by the authorities because the government are doing everything to put the leaders behind bars
They cannot argue on court that they are victims, which is why they committed this crime.

[Z-tight]

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.

[PX-Z]

Sheesh, its revenge time lol. But why now its too late, Bitconnect was taken down years already. And i don't think he can get away from authorities from this too, so he again just fucked his life with this decisions, he will probably surrender later on and regrets once his life it at risks too.