Ayush Varshney â” a Forbes 30 Under 30 honoree and co-founder of Darwin Labs â” was arrested by India’s Central Bureau of Investigation in connection with the GainBitcoin case, one of the largest crypto frauds ever at roughly $2.1 billion. Prosecutors describe him as the alleged “technical mastermind” behind the scheme. A Look Out Circular had been issued against him, and immigration authorities intercepted him at Mumbai airport as he attempted to leave the country. GainBitcoin launched in 2015, promoted by founders Amit and Ajay Bhardwaj as a bitcoin cloud-mining and investment service. Investors deposited bitcoin into cloud-mining contracts promising fixed monthly returns of around 10% over 18 months â” returns far beyond any realistic mining yield. These are allegations; the accused
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