Incarcerated Bitcoin Bandit Executes Audacious $1.2 Million Bitcoin Theft

Incarcerated Bitcoin Bandit Executes Audacious $1.2 Million Bitcoin Theft

Notorious Hacker Accused of Bitcoin (BTC) Scam from Prison

Recent reports have revealed that Srikrishna Ramesh (Sriki), a trending hacker, has been accused of orchestrating a Bitcoin (BTC) scam from inside a quarantine cell at Parappana Agrahara prison in India. The incident involved the transfer of Bitcoin (BTC) 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 (BTC) Scam

Srikrishna Ramesh at the beginning gained attention in 2020 when he was arrested for drug procurement via the DarkNet. Nonetheless, further investigation revealed his engagement in hacking activities. The CID was likewise probing financial fraud cases associated with Sriki, leading to his confession of giving Bitcoin (BTC) to police officials, in the end leading to the high-profile investigation.

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Sriki managed to move over $1 Million worth of Bitcoin (BTC) 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 (BTC) 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.

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Senior Officers to Face Questioning

The SIT faces a whole lot of challenge in locating the smuggled device, critical for retrieving evidence related to the Bitcoin (BTC) scam. In addition, the SIT is investigating irregularities in the Central Crime Branch’s initial handling of Sriki’s case, including states of evidence tampering. Three senior officers are slated to be questioned in the ongoing inquiry.

Hot Take: Bitcoin (BTC) Market Update

As of now, Bitcoin is experiencing considerable volatility, with its value fluctuating rapidly between $36,000 and $37,000. As of now, the leading digital currency is currently worth $36,800, signifying a 1.2% decline in the previous 24 hours, but with a recent uptick of 1.3% in the past hour. The unfolding investigation into Sriki’s Bitcoin (BTC) scam outlines the gravity of the situation, with states of bribery, money laundering, and evidence tampering.

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Source: The Hindu

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