The man whose book actor Shilpa Shetty tweeted on 7 July 2017 would go on to script one of the largest ponzi schemes India has seen. Amit Bhardwaj’s GainBitcoin scam, unearthed in 2018, and which has since ballooned to $2.7 billion, enticed people to invest by promising them high returns in a short time-frame, but it did so using a little-known form of digital money at the time—cryptocurrency. Bhardwaj carried out his swindle almost in full public view—his Twitter handle and promotions for his book were a big part of his sales pitch.
For a large number of Indians, the GainBitcoin scheme was when they first heard about Bitcoin and cryptocurrency; for thousands, it was how they lost their life’s savings. For the scammers who followed Bhardwaj, it became a case study in what not to do—draw attention to themselves— and know exactly how much money to scam. That’s not all. If there is more awareness about cryptocurrency today, the traps being set are equally more sophisticated. Let’s see...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...