The Indian Enforcement Directorate (ED) has arrested Shailesh Bhatt in connection with a $145 million cryptocurrency extortion case.
The ED money laundering probe was initiated based on complaints filed by the Surat CID Police against Satish Kumbhani, co-founder of ponzi scheme Bitconnect . Kumbhani is accused of defrauding investors and went absconding after shutting down Bitconnect in January 2018.
Bhatt, an investor in Bitconnect, kidnapped two Kumbhani employees in an attempt to recover his Capital . In the process, Bhatt extorted 2,091 Bitcoins, 11,000 Litecoin , and nearly $1.72 million in cash.
The founder of Bitconnect has been indicted in the United States for his Vai in a multi-billion dollar scam, according to the US Department of Justice (DoJ).
Bitcoin is trading above $60,000, Litecoin hovers around $67 at the time of writing.
Bitcoin is likely to extend its upside momentum and move towards the resistance at $61,388, which coincides with the 50% Fibonacci retracement level of the decline from the March 14 high of $73,777 to the August 5 low of $49,000.
Source: TradingView
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