Enforcement Directorate Seizes $190M In Crypto Tied To BitConnect Ponzi Scheme

Indian officials have confiscated almost $190 million in cryptocurrency linked to Bitconnect as part of a continuing probe into the international Ponzi scheme that disintegrated in 2018.

A Feb. 15 local report said, “The Enforcement Directorate (ED), Ahmedabad, has seized cryptocurrency worth Rs 1,646 crore during its investigation into BitConnect cryptocurrency fraud in which numerous depositors were allegedly duped in the name of securities investment.”

Italy Engages With Crypto Firms On Regulatory Safeguards

The central bank and securities regulator of Italy are in discussions with crypto service providers to ensure adequate safeguards against financial and cybersecurity risks, according to Bank of Italy Governor Fabio Panetta.

At the 31st Assiom Forex Congress on Feb. 15, Panetta discussed key issues related to crypto assets, digital finance and cybersecurity risks pertaining to global and European regulations.

Panetta stated that the global regulatory authorities are scrutinizing the crypto ecosystem because of risks such as money laundering and concerns about financial stability.

He highlighted that Europe has implemented the Markets in Crypto-Assets Regulation (MiCA) to safeguard investors, whereas the United States still regulates cryptocurrency individually based on the classification of assets as securities.

Saudi crown prince impersonators launch fake Saudi Arabia memecoin

Fraudsters posing as Saudi Arabia's Crown Prince Mohammed bin Salman introduced a fake cryptocurrency, exploiting the retail hype surrounding celebrity-endorsed memecoins.

Fraudsters posing as the crown prince and prime minister of Saudi Arabia introduced a token to lure unsuspecting investors. The so-called 'Official' Saudi Arabia memecoin (KSA) was announced on Feb. 17 through a post by 'SaudiLawConf,' a fake account mimicking the crown prince.

The first warning sign was the lack of any official government announcement and missing details on the project's tokenomics or purpose.

Shortly after the scam token's launch, the original owners of the 'SaudiLawConf' account, the Saudi Law Conference, revealed in a Feb. 17 LinkedIn post that their account had been hacked by impersonators.

“The conference management announces that the official conference account in the X platform (@Saudilawconf) has been hacked and that any content currently published through the account does not represent our opinions or official orientations in any way.”