Bitcoin is making fresh headlines in India, but again for all the wrong reasons.

This time the cozened are the cops themselves. It appears that in January this year Karnataka police seized 31 stolen Bitcoins, worth Rs 9 crore from Srikrishna alias Sriki, arrested in November 2020 for hacking crypto exchanges. Sriki then appears to have tricked the police into believing he had transferred the Bitcoins to a police wallet for seizure. Now, those bitcoins seem to have vanished.

And, to make matters worse, in their charge-sheet related to the illegal hacking activities the Bengaluru police had not mentioned the Bitcoin seizure. The fiasco has taken a political turn with the Congress party alleging that the BJP government in Karnataka is trying to cover up, what it calls a “multi-crore Bitcoin scam”, demanding a Supreme Court-monitored Special Investigation Team (SIT)-led probe with experts from multiple agencies.

For the aspiring young investors, cryptocurrency portends an exciting and lucrative new financial frontier. India is ranked at number 2 in a poll of nations that use cryptocurrency the most, contributing to billions of dollars of trading volume. Global exchanges Binance and Huobi Global are likely to offer virtual assets (VAs) trades in rupee as well. 

For the June-July 2021 period, trading volume at three major Indian VA exchanges – WazirX, CoinDCX and ZebPay – stood at $3.1 billion (approximately Rs 23,000 crore). Web traffic feeds from SimilarWeb, Alexa…

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