Indian authorities crack down on $145 million cryptocurrency extortion case involving Bitcoin and Litecoin

• India’s Law Enforcement Directorate has arrested a person in connection with a crypto-extortion case involving 2,091 BTC, 11,000 LTC and cash.
• Authorities conducted a money laundering investigation based on complaints filed against Bitconnect Coin in 2017 and 2018.
• Bitcoin is trading above $60,000 and Litecoin is below $68 on Sunday.

India’s money laundering investigation authority, the Enforcement Directorate (ED) has tracked down and arrested an individual Shailesh Bhatt in connection with a $145 million crypto-extortion case.

The man is accused of money laundering and defrauding individuals through the Bitconnect coin ponzi scheme between 2017 and 2018.

Indian authorities detain person linked to $145m crypto extortion case

An entrepreneur linked to the Bitconnect coin project allegedly extorted individuals and defrauded investors of nearly $145 million in cryptocurrencies. The digital assets in question include 2,091 Bitcoins, 11,000 Litecoins and nearly $1.72 million in cash.

The founder of Bitconnect has been indicted in the US for his role in the multi-billion dollar fraud scheme, according to information provided by the US Department of Justice (DoJ).

Bitcoin and Litecoin are close to key support

Bitcoin is trading above $60,000, Litecoin is close to $68 at the time of writing. The largest asset by market capitalization has erased nearly 2% of its value in the past seven days. Bitcoin is likely to extend gains and rise towards resistance at $61,388, the 50% Fibonacci retracement of the March 14 decline of $73,777 to the August 5 low of $49,000.

BTC/USDT Daily Chart

Litecoin is hovering around $68, extending gains by nearly 11% over the past seven days.