Notorious Hacker Accused of Bitcoin Scam from Prison
Recent reports have revealed that Srikrishna Ramesh (Sriki), a well-known hacker, has been accused of orchestrating a Bitcoin scam from inside a quarantine cell at Parappana Agrahara prison in India. The incident involved the transfer of Bitcoin worth ₹10 crore or $1.2 million to different wallets using a smuggled laptop, sparking a high-profile investigation by the Special Investigation Team (SIT) of the Criminal Investigation Department.
The Prison Bitcoin Scam
Srikrishna Ramesh initially gained attention in 2020 when he was arrested for drug procurement via the DarkNet. However, further investigation revealed his involvement in hacking activities. The CID was also probing financial fraud cases associated with Sriki, leading to his confession of giving Bitcoin to police officials, ultimately leading to the high-profile investigation.
Sriki managed to move over $1 million worth of Bitcoin while confined in a quarantine cell. The scam involved bribery of a constable to smuggle a laptop, through which he initiated a complex money laundering process by transferring the stolen Bitcoin to multiple wallets.
Authorities suspect the laundered money may have been circulated within India through an undisclosed network. The SIT is actively working to uncover this network and trace the flow of funds. Sriki’s prison stint lasted nearly a year, with him frequently shuttling between the residence of a senior prison officer and the quarantine cell.
Senior Officers to Face Questioning
The SIT faces a significant challenge in locating the smuggled device, crucial for retrieving evidence related to the Bitcoin scam. Additionally, the SIT is investigating irregularities in the Central Crime Branch’s initial handling of Sriki’s case, including allegations of evidence tampering. Three senior officers are slated to be questioned in the ongoing inquiry.
Hot Take: Bitcoin Market Update
At present, BTC is experiencing considerable volatility, with its price fluctuating rapidly between $36,000 and $37,000. Currently, the leading cryptocurrency is trading at $36,800, signifying a 1.2% decline over the past 24 hours, but with a recent uptick of 1.3% in the past hour. The unfolding investigation into Sriki’s Bitcoin scam highlights the gravity of the situation, with allegations of bribery, money laundering, and evidence tampering.
Source: The Hindu