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   415

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.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   92

Users of HashFlare mining pool can't withdraw their funds, while their contracts are threatened with a temporary ban. Even lower restrictions on withdrawal of funds in the amount of 0.03 BTC caused problems for users, but the service raised the threshold to 0.05 BTC and 0.1 ETH . This is reported by Cryptovest.

In addition, financial pyramids are often promoted under the guise of mining contracts for cloud mining. For last few months, there was a big jump in mining difficulty of many cryptocurrencies, so, old contacts had become unprofitable.

As reported, the reason for the locked funds dates back further - at the beginning of June, so much hashing power was flowing into the Bitcoin network that contracts saw all the mined coins go toward their maintenance fee.

Currently, more and more users who have purchased contracts at earlier stages are facing the fact that they can not withdraw their funds. One of them managed to return the money spent through the bank card operator after filing a corresponding complaint.

To anybody that purchased a Hashflare cloud mining contract with a credit card, it might be possible to get a refund with that credit card as one of my followers tipped me. He bought his contracts at the end of 2017.
 

bccponzi at Twitter

The hash rate of bitcoin increased from 13 EHash / s at the beginning of the year to more than 40 EHash / s in recent months. The difficulty of mining in the present conditions depends on the circumstances of the specific miner. The cost of bitcoin mining for some of them is $ 4,400, while others spend about $ 5,800. However, in 2018, cloudy mining is called an even more dubious occupation than before, especially when it comes to mining bitcoin.