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Business
oi-Sneha Kulkarni
| Posted: Sunday June 20, 2021 9:38 AM [IST]
Makarand P Adivirkar, a resident of Mumbai, was arrested by the Mumbai Zone Narcotics Control Bureau for allegedly allowing the purchase of drugs in Bitcoin. According to NCB Mumbai officials, Adivirkar, also known as “Crypto King,” used to convert his money into Bitcoin by taking commissions, then buying LSD (a hallucinogenic drug) and other substances. from the dark web.
Bitcoin leverages peer-to-peer technology to operate without a central authority or banks, with the network handling transactions and issuing bitcoins collectively. On the dark web, bitcoins and other cryptocurrencies are frequently used for illegal activities.
After the media claimed that Makarand P Adivirkar, popularly known as the “King of Cryptos,” used numerous bitcoin wallets on platforms like WazirX to handle payments from several drug trafficking networks in India, WazirX clarified. Friday that he was not a client of the cryptocurrency exchange. .
Following claims that the crypto king was using Wazirx, an Indian cryptocurrency exchange, to facilitate his drug transactions, the exchange clarified that he was not a user. “On June 11, 2021, Wazirx received an email from the BCN questioning him about the alleged accused and his business activities on Wazirx,” Wazirx wrote on Twitter. We discovered that the accused was not a Wazirx user after checking our files, and we notified the police on June 12, 2021. “
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Article first published: Sunday, June 20, 2021, 9:38 a.m. [IST]
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