{"id":64063,"date":"2023-11-09T09:01:28","date_gmt":"2023-11-09T13:01:28","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=64063"},"modified":"2023-11-09T09:01:31","modified_gmt":"2023-11-09T13:01:31","slug":"indias-cbi-partners-with-liminal-to-secure-seized-digital-assets","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/indias-cbi-partners-with-liminal-to-secure-seized-digital-assets\/","title":{"rendered":"India’s CBI Partners with Liminal to Secure Seized Digital Assets"},"content":{"rendered":"\n

Liminal, a Singapore-based digital asset custodian, has been chosen by India's CBI to manage the digital assets seized during investigations. This partnership aims to enhance the security and regulation of India's digital asset ecosystem.<\/p>\n\n\n\n

\"India's<\/figure>\n\n\n\n

India's premier investigating police agency, the Central Bureau of Investigation (CBI), \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>has forged a strategic partnership with Liminal, a digital asset custodian based in Singapore. <\/p>\n\n\n\n

This collaboration comes in the wake of growing concerns regarding cryptocurrency-related crimes in India, with two significant scams recently making headlines.<\/p>\n\n\n\n

Liminal has been entrusted with managing the digital assets seized by the CBI during ongoing investigations, an announcement confirmed by the company.<\/p>\n\n\n\n

In a bid to bolster the security of seized digital assets, Liminal has already demonstrated its commitment to the partnership. The custodian assembled a specialized team that created multi-signature (multi-sig) and multi-party computation (MPC) wallets. <\/p>\n\n\n\n

These wallets are designed to store seized assets securely, offering advanced protection against unauthorized access and potential threats.<\/p>\n\n\n\n

The need for security and regulation\u00a0<\/h3>\n\n\n\n

While the specific details of the operation were not disclosed, the collaboration between the CBI and Liminal represents a significant step towards safeguarding digital assets held as evidence in various investigations. <\/p>\n\n\n\n

This move is particularly timely given the surge in cryptocurrency-related frauds in India,<\/a> which have caused substantial financial losses and led to numerous arrests. <\/p>\n\n\n\n

India has grappled with its fair share of cryptocurrency scams in recent times, underlining the need for stringent security measures and regulatory oversight in the digital asset space. <\/p>\n\n\n\n

Notable among these scams is a $300 million fraudulent scheme<\/strong> that led to the arrest of 18 individuals. Additionally, a separate $120 million scam<\/strong> resulted in the arrest of at least two individuals. <\/p>\n\n\n\n

These incidents have heightened concerns about the potential misuse of cryptocurrencies for illegal activities in the country.<\/p>\n\n\n\n

Liminal's background and funding<\/h3>\n\n\n\n

Liminal, founded by Mahin Gupta, who was also a co-founder of one of India's early cryptocurrency exchanges, ZebPay, has garnered substantial support from investors. <\/p>\n\n\n\n

The company raised $4.7 million<\/use><\/svg><\/span><\/a> in its seed funding round in mid-2022. <\/p>\n\n\n\n

Notable backers include venture capital firm Elevation Capital and prominent angel investors such as Andreas Antonopoulos, Balaji Srinivasan, and Sandeep Nailwal. <\/p>\n\n\n\n

This financial backing underscores the confidence and trust in Liminal's ability to fulfill its crucial role as a digital asset custodian.<\/p>\n\n\n\n

Manan Vora, Senior Vice President of Strategy and Business Operations at Liminal, emphasized the company's commitment to fostering a safe and regulated digital asset ecosystem in India. <\/p>\n\n\n\n

He stated, <\/p>\n\n\n\n

\n

“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.”<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Liminal, a Singapore-based digital asset custodian, has been chosen by India’s CBI to manage the digital assets seized during investigations. This partnership aims to enhance the security and regulation of India’s digital asset ecosystem. India’s premier investigating police agency, the Central Bureau of Investigation (CBI), has forged a strategic partnership with Liminal, a digital asset […]<\/p>\n","protected":false},"author":44,"featured_media":64066,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[17133,1058,320,17134],"class_list":["post-64063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cbi-2","tag-digital-asset","tag-india","tag-liminal"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/11\/digital-asset-custody.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/64063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=64063"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/64063\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/64066"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=64063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=64063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=64063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}