The victim, a resident of Amberpet, had received a call from cyber criminals. He promised huge profits in bitcoin trading when the victim responded positively and sent a link asking him to download the app on his phone. The man registered on the app and invested Rs 8 lakh in the business. When they did not get any benefits as assured by the company, the victim got suspicious and approached the police who registered a case and started investigation.
Meanwhile, the police found that the fraudsters have switched off their mobile phones. Efforts are on to trace the culprits. Bitcoin is a decentralized digital currency without a central bank or single administrator, which can be sent from user to user over the peer-to-peer bitcoin network without the need for intermediaries.
Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The use of the currency began in 2009 when its implementation was released as open-source software.
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