Bitcoin Worth $1.2 Million Seized from Indian Hacker - AutoTrading Strategies

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Bitcoin Worth $1.2 Million Seized from Indian Hacker

Bitcoin Worth $1.2 Million
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Shrikrishna alias Shreeki, the Indian hacker, had hacked 3 bitcoin exchanges and 10 poker sites to gain bitcoin worth $1.2 million. Police recently seized the assets from him as reported by Indian media. 

Bitcoin’s bullish rally has made it a buzz word in the past couple of months. In the chaos, people who were sitting on their currency for a long time are also coming to light. One of them was an Indian hacker who had bagged bitcoin worth 1.2 Million through his illegitimate activities.

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Indian Police had arrested Mr Shreeki on November 18 for alleged data breach into the government websites, online gaming portals and other websites. The police commissioner Sandeep Patil recently made the statement that the 25-year-old hacker also possessed bitcoin. In Indian Rupees, the worth of BTC he had was equivalent to 9 crore Indian rupees.  The news of this development was reported on Jan 15th by India Today.

The hacker belongs to the Bengaluru, capital of the Indian state of Karnataka. He confessed of hacking multiple e-procurement sites of the state. There were a total of 4 websites hacked by Shrikrishna using malware. On digging further, police found out he also hacked three bitcoin exchanges and 10 poker sites. The evidence of his shenanigans were bitcoin worth $1.2 million that police seized from him.

Bitcoin and Governments:

Bitcoin is a digital currency with strong appeal among youth. However, many conservative governments try to overly regulate it or pronounce it illegitimate altogether. Resultantly, hackers and people with bad intention use it to stash their wealth.

Indian governments and governments around the world need to bring BTC into the traditional financial arena. Moreover, there is a need for laws that deter hackers from using bitcoin. Nonetheless, the authorities should keep the open nature of blockchain in mind while bringing up the new laws.

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