CBI and Liminal Collaborate for Digital Asset Security in India Amid Crypto Scams
Strategic Alliance for Digital Asset Security
India’s Central Bureau of Investigation (CBI) has engaged Liminal, a Singapore-based digital asset custodian, to manage and secure digital assets confiscated in criminal investigations. This strategic partnership emerges against the backdrop of a surge in cryptocurrency-related frauds in India, highlighting the growing concerns in this sector.
Rising Concerns Over Cryptocurrency Frauds
Recently, India has witnessed a spate of cryptocurrency scams, leading to significant financial losses and several arrests. Two of the most notable cases include a $300 million scam with 18 arrests and a $120 million fraud resulting in at least two arrests. These incidents underscore the increasing challenges in regulating the digital asset ecosystem and preventing its misuse for illicit activities.
Liminal’s Role in Enhancing Digital Asset Security
Liminal, under the leadership of Mahin Gupta, co-founder of ZebPay, an early player in India's cryptocurrency exchange market, has stepped up to the challenge. The company, known for its robust security measures, raised $4.7 million in mid-2022 from prominent investors like Elevation Capital, Andreas Antonopoulos, Balaji Srinivasan, and Sandeep Nailwal. Liminal’s expertise in creating multi-signature and multi-party computation wallets positions it as a capable partner for the CBI in ensuring the security of seized digital assets.
Senior Vice President of Strategy and Business Operations at Liminal, Manan Vora, expressed pride in their collaboration with the CBI, stating, “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
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