Cryptocurrency News India

In a Bitcoin-related drug bust, an Indian crypto king has been arrested.

The Narcotics Control Bureau Mumbai Zone nabbed Makarand P Adivirkar, a Mumbai resident, for allegedly facilitating the purchase of drugs in Bitcoin. According to NCB Mumbai officials, Adivirkar, also known as “Crypto King,” used to take commissions from those who wanted to convert their money into Bitcoin and then buy LSDs (a hallucinogenic drug) and other drugs on the dark web.

Bitcoin uses peer-to-peer technology to function without the need for a central authority or banks, with the network collectively handling transactions and producing bitcoins. Bitcoins and other cryptocurrencies are frequently used for criminal purposes on the dark web.

Following accusations that ‘crypto king’ Makarand P Adivirkar used many bitcoin wallets on multiple platforms like the Binance-owned platform to process payments for multiple drug dealer networks in India, Binance-owned platform stated on Friday that he is not a client of the cryptocurrency exchange.

Following claims that the crypto king utilized the Binance-owned platform, an Indian cryptocurrency exchange, to facilitate his drug transactions, the exchange clarified that he is not a user. “On June 11, 2021, Binance-owned platform received an email from the NCB questioning about the stated accused and his trading activities on Binance-owned platform,” Binance-owned platform wrote on Twitter. After analyzing our records, we learned that the accused is not a Binance-owned platform user, and we alerted the police on June 12, 2021.”

Source: Goodreturns

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