HomeCryptoWhat is the Bitcoin Scam that rocked Karnataka Govt?

What is the Bitcoin Scam that rocked Karnataka Govt?

The scam surfaced in November 2020 when the CCB allegedly seized 31 bitcoins

A crypto scam has jolted Karnataka government. The scam surfaced in November 2020 when the Central Crime Branch (CCB) allegedly seized 31 bitcoins. However, as the investigation proceeded accused misled CCB into believing that the coins had been transferred.
The scam has opened by a pandora’s where allegations are flying left and right like the involvement of members from the state ruling party BJP. So what is this scam all about? Let’s decode.
The Bitcoin Scam
The prime suspect, Srikrishna Ramesh, is accused of cyber fraud, drug peddling, and cryptocurrency theft. Srikrishna, going by the alias ‘Sriki’, is a hacker and is being currently investigated by three different agencies – the Enforcement Directorate (ED), Cyber Crimes department of Criminal Investigation Department (CID), and the Criminal Branch of Bangalore. With, accusations of having hacked the Karnataka government’s e-Procurement site two years back. With siphoning off just over 11.5 crore INR.

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