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Author: Admin | 2025-04-28
Crypto associated with the BitConnect Ponzi scheme. The scheme collapsed in 2018, and BitConnect founder Satish Kumbhani was charged by the US Department of Justice in February 2022. Kumbhani reportedly built a global network of promoters, paying them hefty commissions to carry out the scheme. “The Enforcement Directorate (ED), Ahmedabad, has seized cryptocurrency worth Rs 1,646 crore during its investigation into BitConnect cryptocurrency fraud in which numerous depositors were allegedly duped in the name of securities investment.”The authorities also seized ₹13,50,500 ($15,582), a sport utility vehicle, and several electronic devices during raids conducted between February 11 and 15. The seized assets belong to associates of BitConnect. The platform caused investors across 95 countries to lose an estimated $2.4 billion. “During the period from November 2016 to January 2018, the accused persons allegedly collected money from investors worldwide, including those from India.”Some victims of the scheme took matters into their own hands, going to elaborate lengths to recover their dues. One individual who lost money investing in the scheme kidnapped two of Kumbhani’s employees, extorting 2,091 BTC, 11,000 LTC, and $1.7 million for their release. Cardano Could Surge After Globant Deal Cardano (ADA) rose to a 10-day high on Saturday after Charles Hoskinson announced a partnership with Globant, a publicly traded entity with a market cap of almost $10 billion. The deal allows Globant to use the Cardano blockchain to build decentralized applications. Cardano and Globant will also launch AI projects and applications in the near term as part of the
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