India`s Crypto Scam failed: Investors alerted the Police

A multi-million cryptocurrency scam has been destroyed by the crime branch of India’s financial capital on June 5, 2018
05 June 2018   1746

The Flintstone group, pretenting to operate as the real estate company since 2016, sold a lifestyle of Carribean homes and promised citizenships in African countries to disaffected investors on the pretext of allowing them in on a “soon-to-be-legal” cryptocurrency - the MoneyTradeCoin (MTC). Applied as an enticement for investors, the group convinced that putting more money in the coin would rise the chances of citizenship, and consequently equate to higher returns. The firm was able to trap hundreds of crores of Indian Rupees (worth tens of millions of U.S. dollars). 

As per the Mumbai Police, earlier this year a group of businessmen warned officials about the swindling business. Jointly, they had invested over Rs 1.7 crore (US$ 253,130) in the real estate company and were pledge of high returns. Nevertheless, their suspicions were caused when Flintstone group executives gave no answers to their questions and often missed payout dates.

Policemen raided the firm’s offices on June 4, and 2 people involved with the fraudulent firm were arrested. The alleged mastermind of the operation - Flintstone Group managing director Amit Lakhanpal - stays hiding and the police suspect that he may have been warned about the raids several days earlier, and fled the country in a bid to disappear from the authorities.

Presently more than 70 employees of the company have nowhere to go to, and the police are inquirring about their involvement in the matter. During the raid several photos of Lakhanpal with Mumbai’s celebrities and politicians were unearthed by the police, sparking off the question if there were well-connected people involved in the fraud. Evidently, the business has interests in Dubai, with the MTC sold as “an intellectual property jointly owned by Dubai based firm Bitcoin Global FZE, UAE.”

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   301

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.