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Prison break or payday? Sriki moves Bitcoin worth $1.2M from his cell

Sriki

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TL;DR

  • Srikrishna Ramesh, alias Sriki, moved $1.2 million in Bitcoin from a prison in India. The country’s SIT arrested Sriki in 2020 for hacking Bitcoin and other crypto coins worth millions. 
  • Investigations have found that Sriki bribed a guard to bring him a laptop, which he later moved BTC at the request of some ‘powerful’ people. The operation took 20 minutes.
  • The Lloyds Banking Group (LON: LLOY) in November 2023 issued a crypto scam report that shows how social media has become a hacker’s playing ground. 

In a shocking revelation, notorious hacker Srikrishna Ramesh, alias Sriki, is accused of orchestrating a swift and clandestine operation within the confines of Parappana Agrahara’s quarantine cell. According to recent reports from The Hindu, Sriki allegedly moved Bitcoins worth ₹10 crore ($1.2 million) in just 22 minutes.

Sources suggest that Sriki, arrested in 2020, conducted this high-value crypto transaction inside the quarantine cell. The intricacies of this operation remain shrouded in mystery, but it has prompted authorities to launch a thorough investigation into the incident.

Sriki, a notorious crypto scammer, has the BTC community talking

Sriki, India’s infamous crypto hacker, moved $1.2 million in Bitcoin from inside a prison. Sriki was arrested in 2020 by the Criminal Investigation Department’s Special Investigation Team (SIT) for hacking Bitcoin and other cryptocurrencies worth millions. 

Sriki was first apprehended by the Central Crime Branch (CCB) for purchasing drugs through the DarkNet. However, over the course of the investigation, it was discovered that he was also involved in crypto scams.

Despite being in a quarantine prison in the southern city of Bengaluru, Sriki was able to transfer $1.2 million in Bitcoin. Sriki allegedly bribed a police officer to bring him a laptop into his cell. The constable brought in a laptop with internet access, and the scammer moved the Bitcoin at the request of some powerful people. 

Sriki was always kept inside a quarantine cell, and many were contacting him. One day, a constable was asked to smuggle a laptop inside. On the day, when some Bitcoins worth ₹10 crore ($1.2 million) were moved, the laptop was with Sriki inside the cell for about 20-22 minutes, and it was brought out later.

The Hindu news outlet – Source

The Hindu reports that Sriki laundered the money further in prison, and the ordeal was over in 20 minutes. It is suspected that money was laundered into India using these wallets through a covert yet undisclosed network. The SIT is now looking into the incident and reviewing the wallets for more information.

Crypto scams continue to hurt investors

The holidays are here, and crypto scammers are on the rise. This time around, there is a specific hit on age groups that appear vulnerable. According to an urgent warning issued by Lloyds Banking Group (LON: LLOY) in November 2023, cryptocurrency scams targeting younger victims – especially those aged 25 to 34 – have increased by 23% in 2023. 

The victims’ losses have climbed to £10,741 ($13,300) at the time of writing – from £7,010 ($8,750) in 2022. According to the Lloyds analysis, scammers recruit their victims through social media sites such as Meta’s (NASDAQ: META) Facebook and Instagram in around 66% of the cases, and the majority of transactions are done using the quick payments service Revolut. 

However, the caution states that Revolut is not frequently the final destination for stolen assets. According to the bank, victims often make three payments to scammers over the course of 100 days before realizing they have been duped. Furthermore, the majority of the scams take the form of various bogus investment schemes.

In terms of prevalence, crypto investment scams have surpassed more prevalent cons, such as romance and purchase frauds, to become the most popular. The con artist typically poses as an investment manager of some sort while using a fictitious investment account for a nonexistent company.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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