India Raids Uncover $800M GainBitcoin Scam

India Executes Over 60 Raids in $800 Million GainBitcoin Scam

• Indian authorities conducted over 60 raids targeting the $800 million GainBitcoin scam.
• The investigation focuses on identifying those involved and recovering illicit assets.
• GainBitcoin was launched by Amit Bhardwaj and Ajay Bhardwaj in 2015.
• The scheme collapsed in 2017, replacing bitcoin payouts with devalued MCAP tokens.
• This incident highlights the need for stricter regulations in India’s cryptocurrency market.

In a major crackdown, Indian authorities executed over 60 raids to investigate the $800 million GainBitcoin scam, aiming to identify key players and recover illicitly acquired assets. The scheme’s collapse in 2017 underscores the necessity for enhanced regulatory measures in India’s cryptocurrency sector.