$1.2M seized from Bitcoin Ponzi stuck in frozen Indian bank account

$1.2M seized from Bitcoin Ponzi stuck in frozen Indian bank account
ôîòî ïîêàçàíî ñ : thenextweb.com

2019-10-4 15:12

Authorities in India have found themselves in a crypto-conundrum: they can’t access cryptocurrency seized from a Ponzi scheme because such transfers have been prohibited, reports Times of India.

To make matters worse, police had hired the now-defunct cryptocurrency exchange Koinex to convert Rs 8. 42 crore ($1. 19 million) of the seized Bitcoin into local currency — but the company’s banking partner froze its account as a result. A series of requests have reportedly been filed with the country’s supreme court to resolve the matter. Specifically, a police petition challenges a Royal Bank of India (RBI) circular that bars financial institutions from handling virtual currency.  A Koinex request…

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