India’s first Unocoin’s Bitcoin ATM seized
The recent hype following the release of “India’s first Bitcoin ATM’ Kiosk by Unocoin company is now seized in bengaluru. Cryptocurrency Automated Teller Machine [ATM], two laptops, a mobile phone, five debit cards, three credit cards, a passport and five seals of the Unocoin company,a cryptocurrency device and Rs 1.8 lakh was siezed by Central Crime Branch sleuths.
Harish BV, the co-founder of Unocoin, was also arrested for running the Bitcoin ATM kiosk
The authorities reported that the ATM was illegal and had been set up by Harish without taking prior permission from the proper authorities. He was produced before the ACMM( Additional Chief Metropolitan Magistrate) court, then sent him to police custody for seven days. Police said that more arrests were likely to happen in the future.
According to police, the kiosk was a platform for bitcoin buyers and sellers. They also requested the public to not invest their money into cryptocurrencies by being attracted to it, expecting to make huge profits.