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   1383

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.

Lightning Labs to Raise $10M

As reported, the raised funds will be allocated to enforce the team with developers and commercial speciaslists
06 February 2020   311

Lightning Labs attracted $ 10 million investment during the A-series financing round, and also introduced a beta version of its payment service for outlets that work with bitcoin.

If bitcoin is going to reach its potential as a viable global currency, it’s going to need to scale beyond the base layer. Similar to how Visa relieves banks from handling all fiat currency traffic, Lightning relieves the base bitcoin chain from handing all transactions, thus bring more speed and fee efficiency to the network.

 

Brian Murray

Managing Director at Craft Ventures

With the help of the raised funds, the company intends to hire more developers and commercial specialists, so that it will be able to convey the applied solutions to users. In 2018, Lightning Labs unveiled a beta version of its LND scaling solution and received $ 2.5 million investment from several investors, including Twitter CEO Jack Dorsey and Litecoin creator Charlie Lee.

Now a beta version of the new Lightning Loop service has been launched, with the help of which outlets can more effectively manage payment channels and maintain liquidity in them. Several customers have already become interested in this tool, including the developer of the Fold shopping application, which processed approximately 1,600 transactions through the Lightning Network during the holidays in 2019.

We’re growing fast and Lightning Labs’ loop service makes it simple to manage our lightning node’s liquidity, letting our team focus on building out great user experiences that bring lightning to the world.

 

Will Reeves

Fold

According to Lightning Labs, this year the company will be developing tools for working with larger payment channels. We are talking about both individual channels, which individually can hold more than $ 1,500, and multidirectional ones, which break down payments into smaller parts.