The Enforcement Directorate of India has apprehended an individual who is associated with a crypto extortion case that involves cash, 11,000 LTC, and 2,091 BTC.
In connection with a $145 million crypto extortion case, the Enforcement Directorate (ED), India’s money-laundering investigator authority, apprehended and interned Shailesh Bhatt.
The man is accused of defrauding individuals and money trafficking through the Bitconnect coin ponzi scheme from 2017 to 2018.
Allegedly, an entrepreneur associated with the Bitconnect coin initiative fraudulently defrauded investors and extorted individuals for nearly $145 million in cryptocurrencies. The digital assets in question consist of approximately $1.72 million in cash, 11,000 Litecoin, and 2,091 Bitcoin.
According to the US Department of Justice (DoJ), the proprietor of Bitconnect was indicted in the United States for his involvement in the multi-billion-dollar fraudulent scheme.
Bitcoin is currently trading at a price exceeding $60,000, while Litecoin is trading at approximately $68 at the time of this writing. In the past seven days, the asset with the highest market capitalization lost nearly 2% of its value. It is probable that Bitcoin will accumulate additional gains and advance toward resistance at $61,388, which represents the 50% Fibonacci retracement of the decline from the $73,777 high on March 14 to the $49,000 low on August 5.
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