The Continued Inability of Reclaiming Bitcoins Fuels Allegations

The Continued Inability of Reclaiming Bitcoins Fuels Allegations

  • The local police department investigated hacker Sri Krishna’s cybercrimes.
  • They have been unable to recover even a single bitcoin.
  • They retrieved 31 bitcoins worth Rs. 9 crores in December 2020.

The local police department investigating hacker Sri Krishna’s cybercrimes and charging him in three cases have stated that he accessed various bitcoin exchange wallets in the United States and stole over 5,000 bitcoins from them. However, they have been unable to recover even a single bitcoin.

There has been widespread speculation that an American agency has raised the subject with their Indian colleagues. The Prime Minister’s Office has requested more information about the case, which is expected to result in significant political upheaval in Karnataka.

The failure to recover the stolen bitcoins appears to be at the heart of several suspicions amid a political uproar over an alleged “cover-up of bitcoin scam” that the Opposing party Congress has claimed includes transfers worth Rs. 10,000 crore and two political figures from the state.

In a series of tweets on Monday, the Leader of the Opposition in the Assembly, Siddaramaiah, asked that the Chief Minister make all of the details of the investigation available to the public. “Can you tell me where the 5,000 bitcoins have gone? “Have they been recovered or if they haven’t been discovered yet?” the Leader of the Congress said.

Senior officials with Central Crime Branch (CCB), who detained Sri Krishna in November 2020 in connection with a dark web drugs particular instance only to discover his hacking exploits, said they could not recover a single bitcoin from him. Sri Krishna was arrested in November 2020 for a resounding web drugs case only to discover his hacker’s exploits. According to the CCB, they retrieved 31 bitcoins worth Rs 9 crore in December 2020, to find later that the bitcoins he sent to a governmental account inside the presence of specialists were not on his own but instead came from a stolen account and had been transferred by mistake.

According to the state legislature, the Enforcement Directorate (ED) and the Interpol Division of the Central Bureau of Investigation (CBI) have been written. The ED, which has interrogated Sri Krishna more than five times, has likewise been unsuccessful in obtaining any bitcoin from him. 

According to our suspicions, the money could be concealed in an overseas country after being converted from cryptocurrencies to hard currency. According to one of its senior officials, the Department of Education has written to numerous overseas nations where such a potential exists, but to no success thus far.

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