In India’s vigilant financial sector, two major cyber-scams have been exposed, involving hustlers who were duping innocent investors by promising them a fortune as a result of their investment.
Enforcement Directorate (ED) was the key institution that launched the raids, and they were able to seize cryptocurrencies valued at over $30 million about the e-Nugget scheme. In this case, two people, Aamir Khan, and Romen Agarwal, have been arrested and charged with.
Functioning under the cover of a gaming website, the fraud boasted of tons of considerable profit opportunities. Yet, immediately after the project was completed, the schemes were canceled, so investors could not recover their money.
The ED investigation singles out these fraudsters utilizing 2,500 phony bank accounts for the scheme. Furthermore, a certain amount of illegal funds was invested in cryptocurrencies, which resulted in the seizing of warehouses worth nearly $19 million among various crypto exchange platforms.
Apart from these, the countrywide searches that the CBI carried out in connection with a fake cryptocurrency mining scheme are remarkable. The CBI exposed the scheme, where companies enter the market as mining cryptocurrency firms but consequently fleece investors with huge returns in the end.
With some using 150 bank accounts for investments, this group of scammers utilized the Ponzi scheme approach where early investors’ winnings came from the newly invested funds. Later on, the funds were remitted out of India using cryptocurrency.
The tough line, authorities are adopting sends a clear message that their scrutiny of the cryptocurrency sector is a response to the rising threat of money laundering. The Financial Intelligence Unit (FIU) has underscored the requirement to register and follow anti-money laundering regulations by cryptocurrency service providers.
With the enhanced measures undertaken by India to tackle crypto frauds, investors are mandated to be careful and carry out quality diligence before they participate in cryptocurrency trades.
Can you ditch the passport? MicroStrategy proposes a Bitcoin-based digital ID
Microstrategy, one of the world’s most established enterprise software companies, is debuting the release of MicroStrategy Orange – a new blockchain-based identity management system. The revelation took place at the MicroStrategy World 2024 event in Las Vegas and a series of Bitcoin blockchain-based innovations in identity management were demonstrated.
MicroStrategy’s Orange platform utilizes the Bitcoin Inscription DID method. MicroStrategy Orange does this using the utilization of unspent transaction outputs (UTXO) of Bitcoin’s main blockchain. It is designed to provide a secure and effective solution for digital identity management, and also to reduce transaction fees and block space.
In this event, Michael Saylor, MicroStrategy Executive Chairman, talked about the future of decentralized identity. He envisaged an upcoming reality, where a single global standard and “orange check” would preset the case. MicroStrategy Orange State individuals take charge of their data via blockchain identity management which is a decentralized privilege to manage user identities.
One of the major features that makes Microstrategy’s method unique to previous ones is that it contains identity data directly onto the chain, thus, this action provides the independence and security of data units and that they do not depend on external sources. Through this, the followers of Bitcoin can enjoy secure, tamper-proof, and incorruptible, The public Bitcoin blockchain is the only proof that is now needed for decentralized identity verification.
However, unlike MicroStrategy, the conventional identity solutions provider, the company’s Orange platform shows their engagement in such an important area and development of crypto-identity solutions. Pioneering attempts such as Bit-ID and ION have laid down important blocks in the field of decentralized identity solutions- MicroStrategy Orange, in turn, is introducing a new approach for using the aforementioned security and immutable nature of the Bitcoin blockchain.
Despite recent struggles in the stock market, with MicroStrategy, the company is continuing to keep motivating the development of the blockchain. The Mission Microstrategy has MicroStrategy Orange. It is a platform that is meant to transform identity management to provide a smooth and reliable experience to both individuals and organizations using the blockchain technology of Bitcoin as the base.
Did Bitcoin Jesus get caught? Roger Ver arrested in Spain on US tax evasion charges
Roger Ver, who has been baptized as “Bitcoin Jesus” due to his early venture and backing of bitcoin has been arrested in Spain on allegations of tax evasion by the US Department of Justice.
But, Ver, the 45-year-old defendant was arrested in Spain over the weekend, and the indictment against him was filed in US District Court, Central District of California.
The police’s execution of an arrest warrant on Ver is due to his alleged failure to pay $48 million in taxes. He had relinquished his U.S. citizenship in 2014 after applying for the St. Kitts & Nevis’s passport program, which the prosecutors allege was aimed at helping him reduce his tax obligations.
The indictment alleges that in his communication with the legal firm in the preparation of an expatriation-related tax return, Ver has provided the auditors with false or misleading information on his boisterous cryptocurrency holdings. Thereafter, the IRS got cheated of receivable taxes on both the companies and bitcoins owned by him.
Ver, who once acted as Bitcoins.com’s CEO had amassed a great deal of wealth through his early entry into the bitcoins. Prosecutors assert that in this proceeding he did not report to the IRS incidents of considerable profit from the sale of bitcoins held by his companies between 2014 and 2017, thereby resulting in less taxes being paid.
The legal team of Ver has expressed a feeling of both disappointment and surprise with the arrest of Roger and the Justice Department has stated their intentions to seek his extradition to the US where he would stand trial.
As the case reinforces, the IRS is vigilant regarding the tax evasion schemes based on cryptocurrency and thus, shows the legal risks associated with committing such fraudulent tax schemes using digital assets.
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