Karnataka Bitcoin scam: Things to know

Central Crime Branch Police of Bengaluru, arrested 26-year-old Srikrishna Ramesh alias Sriki, on November 4, 2020.

What is the issue?

• He was arrested as per provisions of Narcotic Drugs & Psychotropic Substances (NDPS) Act in a drug case.
• Sriki has been accused of procuring drugs using bitcoins via darknet and peddling to high-profile clients.
• This arrest has uncovered a series of crimes because police found that he was involved in several other crimes, like hacking of eProcurement site of Karnataka government in 2019.

Who is Sri Krishna Ramesh?

Sri Krishna Ramesh is a resident of Jayanagar in Bengaluru. He developed an interest in computers and its languages from his school days. He also hacked his school website. He had hacked Bitfinex exchange twice, during his stay in Netherlands.

About Bitcoin

Bitcoin is a decentralized digital currency, which is not controlled by any central bank or single administrator. It can be sent from user to user on through peer-to-peer bitcoin network any intermediaries. Transactions are verified using the network nodes by cryptography. The coin is recorded in a public distributed ledger called blockchain.

Cryptocurrency

Cryptocurrency is the collection of binary data, designed to work as a medium of exchange. It stores individual coin ownership records in a ledger. It is a computerized database that uses strong cryptography to secure transaction records. Cryptocurrencies are usually fiat currencies and are not backed by or convertible into a commodity.

Who invented the cryptocurrency?

Cryptocurrency was invented in 2008 by an unknown person or group of people. It was invented using the name Satoshi Nakamoto. The currency started use in 2009.

Month: Current Affairs - November, 2021