A former MLA by the name of Nalin Kotadiya has been declared as an offender in Bitcoin extortion case. The total amount involved is $ 1.3 million. This news is sending shock waves across the country. Not just the criminals but also former MLA’s as well as other such reputed individuals are indulging in Bitcoin theft. This is also a scare for the Bitcoin cryptocurrency holders.

The former MLA did not appear in court despite numerous notices and as a result, the court was forced to initiate an arrest warrant against him. Later on, the CID appealed the court to declare a proclaimed offender. As a result, the MLA can now be arrested by any Indian citizen.

In addition to that, his passport can also be confiscated in order to make sure that it does not flee the country. Also, the court has ordered him to appear within 30 days.

The case was lodged by a businessman by the name of Sailesh Bhatt who had stated in his complaint that the police officer had kidnapped him and extorted Bitcoin worth $ 1.3 million from him. He also had stated that the former MLA was the one who had pressured him for the ransom. The policemen involved were also arrested in this case.

Increasing instances of Bitcoin being stolen:

Increasingly, more and more individuals are losing their Bitcoin holdings. Sometimes, it is paid as ransom whereas some other times, as a victim of a hacking attempt. According to carbon black, a cybersecurity company, the amount of Bitcoin stolen in the 1sthalf of 2018 was over $ 1.1 billion. This clearly states that the amount of Bitcoin being stolen is significantly higher. Also, the number of marketplaces which are being used by hackers are over 12,000.

With the increasing instances of Bitcoin-related theft, investors should be more careful about the Bitcoin holdings. Only when they are careful, it will become easier for them to protect it as well. Also, it is a good idea to keep the Bitcoin holdings and the right app. When you are able to keep them under a wrap, it will automatically become easier for you to protect yourself as well as your Bitcoin holdings. All over the world, criminals are getting more and more innovative when it comes to stealing Bitcoins. This is one of the main reasons why investors need to be very careful these days.

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