Inmate Manages $1.2M Bitcoin Transaction Behind Bars: A Crypto Scam Unveiled

• Inside a Prison, Notorious Crypto Hacker Srikrishna Ramesh Moves $1.2 Million in Bitcoin
• Sriki's Previous Arrest by the Central Crime Branch (CCB)
• Sriki's Prison Bitcoin Transaction
• Investigation of the Money Laundering Operation
• Post Incident Investigation
• Additional Details About the Incident

Inside a Prison, Notorious Crypto Hacker Srikrishna Ramesh Moves $1.2 Million in Bitcoin

Srikrishna Ramesh, better known as Sriki, infamous for hacking cryptocurrencies in India, managed to move Bitcoin$42,260 -0.64% valued at $1.2 million while incarcerated. The hacker was initially apprehended in 2020 by the Criminal Investigation Department's Special Investigation Team (SIT) for stealing millions of dollars worth of Bitcoin and other cryptocurrencies.

Sriki's Previous Arrest by the Central Crime Branch (CCB)

Prior to his arrest for cryptocurrency crimes, Sriki was taken into custody by the Central Crime Branch (CCB) for purchasing drugs via the DarkNet. His involvement in cryptocurrency scams was uncovered during their investigation.

Sriki's Prison Bitcoin Transaction

Despite being held in a quarantine cell in Bengaluru, a southern city in India, Sriki succeeded in moving Bitcoin worth $1.2 million. Reports suggest that he bribed a police constable to smuggle a laptop with internet access into his cell. Using the laptop, the hacker transferred Bitcoin valued at $1.2 million on behalf of some influential individuals. He then laundered the money within the prison, completing the operation in just 20 minutes.

Investigation of the Money Laundering Operation

The stolen Bitcoins were transferred to various wallet addresses within 20 minutes. The SIT suspects that money may have been laundered into India via these wallets through an unidentified clandestine network. The team is currently investigating the matter and inspecting the wallets for more information.

Post Incident Investigation

The prison incident took place several months after Sriki's imprisonment for Bitcoin and drug scams during 2020-2021. Authorities are now conducting an investigation and interrogating Sriki about his potential associates.

Additional Details About the Incident

A source told The Hindu news outlet that Sriki was always kept in a quarantine cell and had many contacts. Reportedly, on the day when Bitcoins worth ₹10 crore ($1.2 million) were moved, a constable smuggled a laptop into the cell. Sriki had the laptop in his cell for about 20-22 minutes before it was removed.

Edited by Jonathan Stoker