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   834

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.

tZERO to Launch Bitcoin Trading App

Application itself is being developed by Bitsy; it may also begin to support Ethereum in the future
22 March 2019   142

The security tokens platform tZERO announced plans to launch a mobile application for buying and selling bitcoin. In the future, the application may also begin to support Ethereum,  CoinDesk reports.

According to Saum Noursalehi, CEO of tZERO, applications for iOS and Android devices should be launched in June. Bitsy is developing it, a cryptocurrency start-up that is part of the portfolio of the Overstock venture division of Medici Ventures.

That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app. They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login. 
 

Saum Noursalehi

CEO, tZero

According to him, the application will allow you to store cryptocurrency without the need to trust third parties and it will be connected to the network of exchanges through the API. The implementation of this plan will occur through partner tZERO, the institutional trading platform SFox.

In the future, the head of tZERO added, the platform also intends to create its own cryptocurrency vault to meet the demand from users.

The public beta testing of Bitsy wallet started in November 2018. With his help, the Overstock retailer plans to launch Bitcoin sales on its website.