[2019-08-31]Bitcoin Scam Orchestrator, Who Stole Nearly $68 Mln, Beaten to Death

[bL4nkcode]

Bitcoin Scam Orchestrator, Who Stole Nearly $68 Mln, Beaten to Death by Crime Partners

Police in the Indian Uttarakhand state have found out about a big Bitcoin scam after its orchestrator, Abdul Shakoor, was killed by his former crime partners for cheating them.

https://news.u.today/news/bitcoin-scam-orchestrator-who-stole-nearly-68-mln-beaten-to-death-by-crime-partners

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[Carlton Banks]

no honor among thieves, as ever

[cr1776]

If someone will steal with you, they'll steal from you.

[1Referee]

no honor among thieves, as ever

If they without a problem scam and kill innocent people, it for a criminal certainly wouldn't be more difficult to apply the same tactics to another criminal.

It reminds me of some news coverage I saw a couple of years ago, where someone (who was a notorious criminal himself) was charged for murder, but then tried to justify his act by saying that he did the society a favor by killing a criminal. In other words, by that logic killing criminals is less severe of an act than killing any other human who isn't a criminal.

[buwaytress]

Don't really know what to comment in these cases. But people always know better, and then do otherwise. Doesn't have to be Bitcoin, but it did happen to be the flavour of the day. A lot of similar scammers right here on this forum methinks, at far smaller scale, but equally preying on people's vulnerability to the promise of fast and easy profit on the next big thing. They probably feel they'll never be found physically, but I won't be surprised if one day ICO operators get into the headlines for something similar.

[hugeblack]

The story is ambiguous, the article above didn't give much detail so I searched for it.

Giving details, the police officer said, "(Abdul) Shakoor ran a bitcoin business and had allegedly collected around Rs. 485 crores for investing in crypto-currency from residents of Pandikkad, Manjeri and Malappuram in Kerala."

Source ---> Kingpin Of Bitcoin Scam Worth Rs. 485 Crore Murdered In Dehradun

He seems to have tried to scam some people by stealing their money, promising to invest in cryptocurrencies and then lying about losing access to that wallet.
I don't know but why someone needs to trust someone to invest in decentralized crypto?.
Also, I think that scammer is related to ICO/IEO or creating new shitcoin.

[BitHodler]

They probably feel they'll never be found physically, but I won't be surprised if one day ICO operators get into the headlines for something similar.

It's important to know that not every ICO starts off as a scam. It might have been a project that was trying to deliver an actual project, then ran into problems they couldn't overcome and took a run with people's money.

This of course doesn't make it any less of a scam even though their intentions initially were to deliver a product, but in these cases the main operators of the ICO's are known and so far none of them have been attacked physically.

But then again, most of these ICO operators didn't live in a third world country. If they did, things might have been different. Scamming westerners usually leads to lawsuits while in third world countries they'll kill you for that.

[pixie85]

It's funny that they were holding and torturing him in a house to make him give them back the money they stole together and when he did it they took him to the hospital.
So it seems that it took a lot of beating and torturing to make him give it away. The scammer killed himself by taking the beating instead of giving away his wallet password.

Not only greedy but also stubborn.

[milewilda]

Classic reasoning, "the wallet is hacked" or "the coins is stolen"

But as long as people don't want to learn something new (how to buy and store cryptocurrency) or trust unknown people, it'll keep happen.

Indeed!

This cycle continues for sure yet cryptocurrency isnt widely known yet and those criminal minds will just use up that crypto investment reason to fool up people.
For those who dont have idea will surely get blinded and easily believe yet crypto can potentially give out that kind of high returns.
Sad to think that this news do give out again some negativity towards this market due to these frauds and scam do happen tagging along with it.

Beating up thieves and scammers are just satisfying things to see or to hear out.

[bryant.coleman]

I heard about this incident when I visited India last month. He was running a Ponzi, promising as much as 9% returns per month and had collected huge amounts of money from at least 40,000 investors (all of them from the state of Kerala). But when the Bitcoin prices crashed in 2018, he was unable to keep the promises and fled to North India. Most of the investors had unaccounted money with them, and therefore they were unable to complain to the cops.

He could have at least spared his crime partners. He lied to them that his Bitcoin wallet got hacked and all the coins were lost. But somehow the others found out his wallet address and confirmed that the coins were still there. They took him to an isolated spot and tortured for 3 days to get the wallet password, but the cops are claiming that he never revealed it.

[Theb]

If this news is somehow true, Abdul Shakoor's death is something he truly deserved to have. After stealing crypto worth 68 million dollars and deceiving his partners he even plan to launch his own coin/token to pay them and off with their share and pay back the investors they have scammed, which I doubt would even happen as he already got blinded with that kind of money and he is most likely creating some time for him to escape. His death also lead to the rest of his syndicate to be captured as well, I just hope with the crypto situation in India have they still allow their citizens to recover the crypto they have stolen from them.

[Kemarit]

Oh well, as much as we don't want to see individual beaten to death, I guess this is one case that the person really deserves his faith. I mean he try to steal people's money so what do you expect? Karma is a bitch, so good riddance. So we may that justice has been served as well. And I'm sure that it will echo in India specially those who still involved themselves in crimininal act such as victimizing unsuspecting people here with their hard earn money.

[stomachgrowls]

They took him to an isolated spot and tortured for 3 days to get the wallet password, but the cops are claiming that he never revealed it.

So simply means we have another  number of coins floating or lost in void.
He chose to die in exchange of that money.

I mean he try to steal people's money so what do you expect? Karma is a bitch, so good riddance.

There are people who dont believe on karma.Extreme greed is the main reason and this usually happens for those people
who havent held up big amounts on their entire life without even thinking the consequences lies ahead.

[veleten]

Therefore, you should not become a fraud, justice will always overtake you

would not even call it justice , since his "comrades" took care of him
but karma must be real indeed , just think how many people were wishing him dead when he took their coins
if he really chose to die but not to reveal the keys , this means that a big number of coins were burnt
but I think he knew they would have killed this way or another ,  regardless if he revealed it or not , so ....
the killers were retarded to first torture him nearly  to death and then taking him to a private hospital , IQ wasn't their forte

[Vishnu.Reang]

The biggest comedy is that now all those coins are lost forever. His partners are claiming that the password was known only to him, and he refused to reveal it even after many days of torture. I am not sure about it, but in case what they are saying is true, then there is no way to recover those coins. That is unless he had kept the backup in some bank locker or safe deposit box.

[Carlton Banks]

The biggest comedy is that now all those coins are lost forever. His partners are claiming that the password was known only to him, and he refused to reveal it even after many days of torture. I am not sure about it, but in case what they are saying is true, then there is no way to recover those coins. That is unless he had kept the backup in some bank locker or safe deposit box.

this demonstrates rather beautifully the point I've been making for some time (people for some reason want to argue against it)


if someone threatens you for your BTC, no matter the person, no matter the threat, you always have the power to simply say no. arguably, the more severe the threats, the more important it is that you say no. if they're willing to do something like that for money, why believe them when they say they only want 40%?


you should all have realised by now, if someone threatens you for only some tiny amount of money when they could just take it all, it's not because they're being nice, it's because they're lying to you

[Das]

It's funny the way thieves betray each other, but when it's time to steal from someone else; their loyalty during operation is very remarkable.


Lesson: Greed can bring about loyalty as well as betrayal... It's all about invested interests.

[1BTC EQUALS 1CAR]

They had no right to take a man's life, even for such a sum. He should have been punished by justice

I know but beating him is okay and I would let the victims release their anger on that scammer like 68M punches in total if possible. I really thought that the victims are the one who found him and beaten to death but it was just his crime partners so it really proves that too much greediness can cause your own death. And for the investor's losses, I hope they recover it and they should be fully aware now on how scam works.

[bryant.coleman]

They had no right to take a man's life, even for such a sum. He should have been punished by justice

I know but beating him is okay and I would let the victims release their anger on that scammer like 68M punches in total if possible. I really thought that the victims are the one who found him and beaten to death but it was just his crime partners so it really proves that too much greediness can cause your own death. And for the investor's losses, I hope they recover it and they should be fully aware now on how scam works.

I don't think that they will ever be able to recover that money, because the password was only known to the deceased (according to the version given by the perpetrators). And that was one of the reasons why his partners tried so hard to resuscitate him. With his death, all of his wallets have become inaccessible and the coins are lost forever.

The only remote chance of a recovery can occur in case he had kept the backup of his wallet in some bank locker or other secure location. But given the riskful nature of his business, I don't think that he had kept his backup in physical format. Even if there was a backup, it may be in digital format and uploaded to Google Drive or some other online platform.