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Indian Gang Demanding Ransom in Bitcoin Busted After Kidnapping Crypto Traders

Lorna Udinese

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Three Indian cryptocurrency traders were kidnapped and tortured for 15 days. The gang demanded 80 Bitcoin from the traders’ family members.

Luftan Shaikh, Mohammad Shazad and Malang Shah, all are cryptocurrency traders who were kidnapped in Jaipur city after being lured into the region by gang members who claimed to be selling bitcoins at a low price. They were tortured and held captive for fifteen days to force their families to pay a ransom.

Police arrested the gang members and freed the hostages. The suspects were identified by local media as Jitendra Kumar, 21, Deepak Kumar, 22, Anupam Soni, 19, Pawan Kumar, 20, Bhawani Singh, 19, Lokendra Singh, 24 and Rahul Kumar, 19. Lokendra Singh is from Rajasthan and the others are originally from Haryana.

Source: hindustantimes.com

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BTCPay Receives $100K in Funds

June G. Bauer

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Square Crypto announced that it has granted $100,000 to BTCPay Foundation in support of it’s Open-Source Crypto Payment Processor BTCPay Server. According to Square Crypto, while BTCPay Server may appear to be a direct competitor to Square, the firm believes everyone will benefit from open-sourced products.

BTCPay Server is a self-hosted, open-source cryptocurrency payment processor. It’s secure, private, censorship-resistant and free. Receive your bitcoin and altcoin payments without any fees or third-party involvement.

Square, Inc. is a mobile payment company based in San Francisco, California. The company markets software and hardware payments products and has expanded into business services. Square Crypto the division of parent company Square, Inc. is a payments solutions provider and focuses on open source Bitcoin development.

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Ripple Invests in The World’s Largest Bitcoin ATM Provider

June G. Bauer

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Coinme, the operator of the largest bitcoin kiosk network in the world has received $1.5M in funding from Ripple’s Xpring and Blockchain Finance Fund. This was announced by Coinme. The funds will go to expand the ATM network in Central and South America, as well as in Europe. Coinme currently operates in only 29 states, but plans to obtain licenses in the rest.

Coinme was founded in 2014 and currently operating Bitcoin ATM in 2,600 locations worldwide. Coinme is also building its own decentralized finance (DeFi) services to offer financial services to its customers using blockchain technology.

About Xpring:

Ripple’s developer arm, Xpring is focused on building infrastructure and leveraging blockchain startups by fuelling them with sufficient capital and crucial partnerships. The firm works to exploit the projects and programs that lead to advancement and betterment of XRP and XRP blockchain network.

The primary objective of Xpring is to support developers, businesses, startups, and enterprises that rely on blockchain, especially XRP Ledger, as a potential pedagogy for achieving operational efficiencies.

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International Fiqh Academy: Dealing With Cryptocurrencies is Risky

M. Ali

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Participants in the recent two days cryptocurrencies event that was held last week by the Islamic International Fiqh Academy in Jeddah (western Saudi Arabia), recommended further research and study before trading and investing in cryptocurrencies because of the price volatility and the various risks involved in dealing with crypto.

Participants at IIFA event. Source: iinanews.com

The participants pointed out that cryptocurrencies such as Bitcoin, Ether, and Ripple are only computer codes and do not have a tangible physical entity, or physical presence, and are traded between the parties in a peer-to-peer system. Cryptocurrencies cannot be physically owned and transferred between parties so it might generate greater risk for crypto investors’ portfolios


They added: Despite the spread of cryptocurrencies in many countries, many studies indicate the risks involved in dealing with cryptocurrencies in general, most notably price fluctuations and most of its dealings in speculation Illegal transactions, as well as technical threats that could be caused by the rapid developments in this area and the realistic threats facing Bitcoin due to the lack of a government body to oversee their issuance.

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