- Midway through 2022, Liminal secured $4.7 million from investors.
- Liminal has previously assisted a CBI operation by forming a specialized team.
The Central Bureau of Investigation (CBI) of India is said to have selected digital asset custodian Liminal to handle the administration of confiscated digital assets. Liminal has previously assisted a CBI operation by forming a specialized team that developed multi-signature and multi-party computation wallets for the secure storage of confiscated assets.
Information about the operation’s specifics was withheld. At least two people have been detained in connection with two separate cryptocurrency frauds that cost a total of at least $300 million and $120 million in India, respectively.
Assisting Law Enforcement Agencies
The CBI officials were quoted as saying that they valued Liminal’s assistance during the operation. In most cases, the CBI will not provide information about active investigations.
Moreover, midway through 2022, Liminal secured $4.7 million from investors including Elevation Capital and high-profile angels including Andreas Antonopoulos, Balaji Srinivasan, and Sandeep Nailwal as part of a seed fundraising round. Mahin Gupta, who also helped build the pioneering Indian cryptocurrency exchange ZebPay, created Liminal, which is headquartered in Singapore.
Manan Vora, Senior Vice President of Strategy and Business Operations at Liminal stated:
“We consider our partnership with the CBI as a testament to our unwavering dedication to building a safe and regulated digital asset ecosystem in India. As experts in the field, we feel it’s our responsibility to assist law enforcement agencies with rigorous security protocols.”
According to reports from Monday, eight more persons have been arrested in India as a $300 million cryptocurrency fraud that fooled over 100,000 individuals continues to unfold.
There were reportedly four police officers among the arrested. According to the findings of a Special Investigation Team (SIT), the Himachal Pradesh scandal included around 1,000 police officers and 5,000 government employees.
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