One of the big stories in the cryptocurrency world today is that of the long overdue arrest of Divyesh Darji, the figurehead behind the cryptocurrency company and scam BitConnect, which has seen Indian investors cheated out of millions.
What, might you say, does any of this have to do with the rest of the world? Well for a start, the company used a London address for its headquarters. Whilst this may have turned out to be nothing more than a front, it certainly doesn’t help in the uphill battle to win over an already sceptical British marketplace.
Another aspect of this particular case that has done little to help the wider reputation of cryptocurrency is that the scheme managed to bypass restrictions put in place by Youtube for the sole purpose of protecting users from such scams.
Although at face value it would be easy to say that the scale of this criminal scam highlights just why there is such as strong association between cryptocurrency and criminality in the public perception, it may also help to begin dispelling this somewhat unjustified myth as people see that fraudsters can and will be caught, even in a world that enjoys somewhat enhanced privacy compared to traditional channels.
Will this arrest serve to both send out a warning to criminals and a message of reassurance to the wider public? Only time will tell – and a lot will depend on the outcome of legal proceedings.
Inside Crypto Says:
The big hope amongst cryptocurrency evangelists is that dominant FIAT states don’t see this as grounds to introduce even more Draconian restrictions on the crypto space…