The founder of Canadian digital platform, Quadriga died suddenly in December, thus locking about C$180 million (US$137.21 million) in cryptocurrencies in the user accounts of the platform as he was the only person with the password to gain access.
During investigation, the agency came across a couple of investors who could have invested in ‘ATC Coin Ltd’. However, when the EOW approached them asking for the details of losses they had incurred, none of them came forward.
The six accused had set up an office in Ahmedabad in September 2017 and planned to sell online pay-way coins. The police is speculating that the total scam could amount to Rs 5 crore or more across other cities and states like Maharashtra and Goa.
Bitcoin was last valued at $6,419.03, less than a third of its peak near $20,000 in December 2017. Cryptocurrencies, of which bitcoin is the most valuable, are pieces of computer code that are not backed by any central bank or hard asset
World news wrap | From a bridge collapse in Italy killing 39 people to US telecommunications company AT&T getting sued by an entrepreneur for an alleged cryptocurrency theft, here's the world news wrap for the day.