$1.2M seized from Bitcoin Ponzi stuck in frozen Indian bank account

By: David Canellis

Authorities in India have found themselves in a crypto-conundrum: they can’t access cryptocurrency seized from a Ponzi scheme because such transfers have been prohibited, reports Times of India.

To make matters worse, police had hired the now-defunct cryptocurrency exchange Koinex to convert Rs 8.42 crore ($1.19 million) of the seized Bitcoin $BTC▲0.47% into local currency — but the company’s banking partner froze its account as a result.

A series of requests have reportedly been filed with the country’s supreme court to resolve the matter.

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