An Indian-based company called Gain Bitcoin was accused of running one of the largest scams in the country. Back in March 2022, authorities shut down this illegal operation that was suspected to steal $3.8 billion or 80,000 from 100,000 victims. This number is larger, according to a recent report.
Related Reading | Crypto Firm Three Arrows Capital Considers Bailout, Hires Financial Advisers
Local authorities record over 40 reports filed by Gain Bitcoin or GainBitcoin victims. The scam stole money from people nationwide. New estimates claim that the illegal operation could have defrauded victims with as much as 600,000 BTC.
The total value of the scams is linked to the price of Bitcoin. The number one crypto by market caps has lost over 60% of its value since 2021 and currently trades at $20,500 with a 31% loss in the past week alone.
One of GainBitcoin’s main suspects, Amit Bhardwaj was the alleged leader of the operation. However, this suspect died from a cardiac arrest.
His brother Ajay Bhardwaj is the primary suspect after Amit’s death. Local authorities have attempted…