According to The Block, Indian authorities arrested Ayush Varshney, co-founder and CTO of Darwin Labs, at Mumbai Airport as he allegedly attempted to leave the country. Darwin Labs has been accused of providing the technological infrastructure for the GainBitcoin Ponzi scheme, which launched in 2015 and operated for several years. In 2018, Indian authorities had already arrested GainBitcoin’s founder, Amit K. Bhardwaj, along with two other Darwin Labs co-founders, Sahil Baghla and Nikunj Jain. The arrest of Ayush Varshney marks the latest development in this case after many years.
India arrests GainBitcoin Ponzi scheme suspect Ayush Varshney at Mumbai Airport
TechFlowShare
Summary
India’s Fear & Greed Index may shift after authorities arrested Ayush Varshney at Mumbai Airport as he attempted to flee. Varshney, co-founder of Darwin Labs, is linked to the GainBitcoin Ponzi scheme. Technical indicators point to heightened regulatory scrutiny in the crypto space. The scheme operated since 2015, with three co-founders arrested in 2018; this latest arrest marks a new phase in the case.
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