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Bitcoin Businessman Blackmailed for $700,000 by CBI Officer

ByBit
  • Yuri Molchan
    📰 News

    A recent investigation brings to light a criminal case in India when a CBI officer blackmailed a local businessman for his profit-making actions with Bitcoin

Bitcoin Businessman Blackmailed for $700,000 by CBI Officer
Cover image via 123rf.com
Contents

As reported by India Today, the Central Bureau of Investigation (CBI) in India has revealed that one of their officers, Sunil Nair, blackmailed a local businessman for his Bitcoin operations, demanding 50 mln Rupee (around $700,000).

Another Bitcoin crime case in India

The Indian law-enforcement agency has booked their own agent, Sunil Nair, for blackmailing a real-estate agent Shailesh Bhatt, demanding Rs 5 crore (50 mln Rupees) from him for earning ‘black money’ on Bitcoin. The crime took place in February 2018.

Nair threatened Bhatt with legal actions from the Enforcement Directorate and the department of Income Tax unless he paid.

The agency has only recently issued the FIR (first information report) that shows details of the case.

According to the document, Sunil Nair was blackmailing the real-estate agent with the help of the business partner of the latter - Kirit Madhubhai Paladia.

The initial amount demanded by the CBI officer was twice bigger – Rs 10 crore. However, as a result of negotiations, the victim managed to reduce that sum.

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A Bitcoin scam orchestrator gets killed by his crime partners

Previously, U.Today reported that the Indian police had shut down a major Indian Bitcoin scam worth nearly $68 mln.

The orchestrator of the crime scheme, Abdul Shakoor, scammed investors out of their money, promising them to buy Bitcoin and give them high returns on their investments.

Shakoor and his associates had to change their locations constantly to avoid being found by the deceived crypto investors. At some point, the crime partners Shakoor worked with found that Bitcoin from their wallet was gone – Abdul Shakoor told them the wallet had been hacked. They did not believe that and beat their boss to death trying to find out where he was holding the BTC and a password for that wallet.

Afterwards they brought him to hospital and left the still alive person at an emergency ward, where he died soon after.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX

ByBit
  • Alex Dovbnya
    📰 News

    A massive amount of long positions gets liquidated on the BitMEX exchange after the Bitcoin price tanked all the way down to $7,350

Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

$179.3 mln worth of longs has been liquidated on BitMEX, the leading derivatives exchange, after the Bitcoin price shockingly dropped to $7,350 (compared to spot exchanges where BTC didn't go below $7,500). Considering that the average leverage is 25x, Bitcoin bulls collectively netted a loss of around $6.4 mln.         

One of the top traders on BitMEX, who felt "long and strong" at the $8,000 level, most probably regrets his recent tweet.     

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This string of bloody-red candles opens a possibility for a further drop to below $7,000, which has been the pipe dream of Bitcoin bears ever since the BTC price blasted past this level back in May.   

At the time of writing, the top coin by market capitalization is sitting at $7,581 with no sings of buying pressure, CoinStats data shows.  

Trader "The Wolf of Wall Street" says that the retail interest in Bitcoin has been slowing down in November (based on the number of addresses with balances less than 0.1 BTC). Hence, it is unlikely that the average Joe will start FOMOing in anytime soon.      

Dutch analyst "Plan B" didn't cave in to bearish sentiment. He says that the positive difficulty adjustment prevented the much-feared miner capitulation, and the BTC price could increase from that point. 

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As reported by U.Today, the Bitcoin price could still nose-dive by 40 percent based on the BitMEX funding rate

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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