Bitcoin scam: Police open new investigation into Srikrishna Ramesh

Bitcoin scam

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TL;DR Breakdown

• Srikrishna Ramesh was arrested for being responsible for drug sales on the dark web.
• Ramesh used encrypted data to perform Bitcoin scams.

It is almost a year since the police arrested Srikrishna Ramesh, aka “Sriki,” a Bengaluru-born hacker. Today begins the new investigation into the attacks on one of the most important crypto platforms in the country. In 2016, Bitfinex got caught up in one of the biggest Bitcoin scams.

Today new accusations about the Bitcoin scam come to light, which is why the government has reopened the case. The police arrested Srikrishna since he was also involved in selling drugs on the dark web. A young man with a lot of knowledge about technology, computers, and hacking.

New information released about Srikrishna’s Bitcoin scam

Bitcoin scam

Srikrishna Ramesh revealed more details about how he attacked different cryptocurrency platforms. He used encrypted data to demand payment in advance from the owners to unblock the sites and attack them. He also commented that he hacked government portals such as Karnataka and many other bitcoin platforms.

For that year, Srikrishna Ramesh stole over 120,000 Bitcoins, which was $72 million from the Bitfinex platform. On August 2, 2016, the hackers breached the security system of various platforms. He made over 2,070 transactions, and none were authorized by the owners, thus affecting the platforms.

After this unpleasant event, the Bitfinex platform released a statement about the hack. The platform restructured its security measures so that it would not happen again. The company also announced that it would be offering a 5 percent reward if someone gave some information about what happened.

Police effort on the Bitcoin scam

The police in 2020 also announced that they intercepted Srikrishna Ramesh’s 9 crores. But when the police presented evidence in court against Srikrishna, the charge sheet did not mention Bitcoin. The investigators and the CCB police created a Bitcoin account to transfer them and then present it as evidence to the court.

In January 2021, Srikrishna Ramesh was released by the CCB on bail while investigators found more evidence about the Bitcoin Scam. Again on Monday, he was arrested for drug use and is currently under more investigation.

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Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

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