Indian Exchange Coinsecure Employee Arrested in Credit Card Scheme

 

News has been making the rounds that an employee of Coinsecure, one of India’s premiere Bitcoin exchanges has been caught leading a gang of criminals who used Bitcoin as a way to make off with their ill-gotten gains.

India up until this time has been a bit wary of Bitcoin, but not terrifically hand-on. It’s an unfortunately feature of Bitcoin that, like cash which it sees to replace, it can be used to commit and hide crimes. This is a feature, not a flaw, in that the same properties that make it useful for criminals also make it hard for governments to control, which protects your, and my, freedoms.

Incidents like these are unfortunate, and also likely to happen a lot more. We’ll have to take a wait and see approach on what the Indian government’s response is going to be.