10 Indian Cops Suspected of $1.3M Worth BTC Extorting

According to the investigation, the suspects illegally detained the local businessman and extorted from him more than 200 BTC
10 April 2018   531

The Investigative Department of the Indian state of Gujarat charged the abduction, extortion and corruption activities of ten police officers. According to the investigation, the suspects illegally detained the local businessman and extorted more than 200 bitcoins from him, reports the Times of India.

Among the suspects are nine constables, a local police inspector and a civilian "mediator." They are accused of kidnapping local residents of Shailes Bhatta, Kirita Paladia and a driver Mahipal. It is alleged that the police abducted them, drove them to the farm and beat them, demanding the transfer of more than 200 bitcoins - about $ 1.3 million at the current rate.

It is also notes that businessman Bhatt was forced to pay another third party to get his bitcoins back. At the same time, Chief of Police Ashish Bhatia noted that during the initial investigation there has not yet been found a fact of the transfer of 200 BTC - now law enforcement officers are studying the history of transactions.

The FIR has been filed on the basis of evidence found by the team so far. In his application, Shailesh Bhatt had mentioned the transfer of 200 Bitcoins worth Rs 12 crore from the digital wallet of his business partner, Kirit Paladiya,” Bhatia said. “Another Rs 32 crore were allegedly paid for their release from a farmhouse. Later, Rs 78.5 lakh were allegedly paid to get the Bitcoins back. All these transactions mentioned in the application could not be proven.
 

Ashish Bhatia

Chief, Gujarat Police

Currently, three of the suspected constables have been detained, six are still wanted.

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   134

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.
 

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.