Ed Companions with Coindcx for Custody of Seized Currencies in Instructions of Fraud, Bitcoin, Ether

In the last few years, the cases of fraud related to cryptocurrency have increased rapidly. In these cases the Enforcement Directorate (ED) has tied-up with Crypto Exchange Coindcx to keep the seized cryptocurrency. The ED has seized a large amount of cryptocurrency during the investigation of fraud cases. This agreement has been signed for storage safely of this cryptocurrency.

In the last few months, the ED has tightened the illegal crypto firms. The Centralized Crypto Exchange Coindcx has also registered with the Financial Intelligence Unit (FIU). To help the ED, the Coindcx will put a team trained in the Advanced Security Protocols. The seized cryptocurrencies will be stored in multi-cignature and multi-party computation (MPC) wallets. Multi-signature wallets require more than one keys for withdrawing, while in MPC wallets, more than one Shards are distributed on devices to a private. Both these methods increase the security of crypto wallets.

However, ED has not said that the cryptocurrency of how much amount will be kept under the supervision of Coindcx. Recently, ED raided the Foreign Exchange Management Act (FEMA) in Delhi, Mumbai and Jaipur in terms of a fraud associated with the country’s crypto. The case was related to cheating with people by creating a fake website of Crypto Exchange.

ED had reported that this fraud is worth about 600 crores. The investigation was launched after a report published in the newspaper. It was reported in this report that Chirag Tomar, an Indian citizen, was sentenced to jail in the US for cheating hundreds of people. In this case, Crypto Exchange was cheated by creating a fake website of Coinbase. In this, fake website used to show incorrect information on entering details related to the victims, so that users used to contact the phone number on this website. This phone was from a call center which Tomar and his companions used to run. These people used to transfer their holdings to their crypto wallets after taking access to the cryptocurrency account of the victims.