When 11,000 bitcoin customers lost money worth Rs. 22.7 crore in April 2018, the question that stuck everyone’s mind was: How do we recover our money? Now a youth threatens to attack the Miami airport in search of the answer.
After Unicon co-founders Sathvik Viswanat and Harish B V were arrested by the police for trying to operate a Bitcoin ATM without prior permission from RBI, the future of Bitcoin was again thrown in the air.
How the story unfolded
“The accused had purchased Bitcoins worth USD 1,000 but someone cheated him in the process, following which he lodged a complaint with the FBI in the United States, but did not get the desired response,” senior ATS officer Asim Arun said.
Frustrated, the accused made several calls to the Miami airport and threatened to attack it.
“I will come with AK-47, grenade, suicide belt and kill everyone,” the man said in his calls.
Later on Saturday, he was detained by the Anti-Terror Squad of Uttar Pradesh and legal action has been initiated against him.
The child in question made five calls to the Miami airport authorities over the internet from October 2nd to October 31st.
A bunch of emails and around 50 calls were made by the youth from UP to the control room of the FBI according to Uttar Pradesh DGP OP Singh.
In response to his complaints the FBI spoke to the man and responded to his complaints, but he continued to make the threat calls to Miami simultaneously.
The accused was then traced to Jalaun in Uttar Pradesh using his IP address.
During questioning the man confessed to his crimes and according to officials from ATS, the man will now be summoned to the court.
The accused hasn’t been arrested as Section 41A of the CrPC or Code of Criminal Procedure does not require a person to be kept in custody.
A press conference regarding the same was addressed by the ATS of UP wherein they confirmed the incident but the identity of the accused still remains a mystery.
Bitcoin is the future but not the present
There is lots of uncertainty around the buying and selling of Bitcoins in India. So it is advisable that trade in Bitcoin be avoided.
Of course, there is no doubt that Bitcoin has a huge scope for profit-making in the coming years and all looks good for the Bitcoin market as we approach ahead. But the lack of laws set in place to protect the customers is what makes people avoid it.
India has no specific rules on how bitcoin or any other cryptocurrencies will be used. The Reserve Bank of India has commented on this issue numerous times, but most of it is done to urge caution in its use.
So if you have lost your money through Bitcoin at any point in time, there is no means to recover it.
As things stand, scrupulous bitcoin owners are left to guess how to fit their business within existing cryptocurrency laws and to fret how future laws will take shape and affect them.
It is speculated that the bitcoin ownership in India stands between 4 lakh to 5 lakh bitcoins which amount to an income of around Rs. 3,450 crores of unprotected money.
With the likes of Microsoft already accepting bitcoins in their payments, only a fraction of the bitcoins in India is used for legitimate purposes while others are into malpractice of things.
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