Darknet based drug cartel busted in India - that's why government don't trust cr

[avikz]

NCB deputy director general, Gyaneshwar Singh. said six people have been arrested in connection with the seizure of LSD blots and imported marijuana.

Six people, alleged to be part of a pan-India network of drug traffickers, have been arrested and 15,000 LSD blots seized, the Narcotics Control Bureau said on Tuesday, describing the seizure as its biggest ever in the last two decades. The agency has also seized 2.5kg of imported marijuana and ₹4.65 lakh in cash at the instance of the suspects.

“This network used the dark net in their dealing. This network operated virtually and the payments were made via cryptocurrency and crypto wallets. The buyer and the seller did not have any physical contact,” said NCB deputy director general, Gyaneshwar Singh.

https://www.hindustantimes.com/india-news/ncb-busts-darknet-based-drug-network-seizes-15-000-lsd-blots-6-arrested-101686038385564.html

Most Unfortunately crypto got involved in another wrongdoing in India. these kind of incidents are actually giving reasons to the government to ban cryptocurrency entirely in India. dealing in drug is unfortunate but having involvement of cryptocurrency is even more unfortunate.

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[pakhitheboss]

This network used the dark net in their dealing. This network operated virtually and the payments were made via cryptocurrency and crypto wallets.

This not new and it is one the big menace globally. Dark net operates on cryptocurrency. Bitcoin & Monero are the most common mode of payment on the dark web. Such news won't hamper the existing reputation of cryptocurrency in India. Almost every tech savvy Indian is aware of this problem.

The problem arises when news starts floating about cryptocurrency used for money laundering. All these steps by the government of India are focused on this particular issue. It is not easy to track money laundering using cryptocurrency.

[elevates]

Another dent to the struggling reputation of cryptocurrency community in India. I don't know why such news get more importance then then P2P account freezing issue. A lot has been lost and with this news. A furthermore negative image of crypto would be projected now. If an individual was interested making cryptocurrency as an alternative way to make money, after such news they would shy away.

The same individual would have known about the positive impact of cryptocurrency by doing a few search on Google. They would have known the past & present of dark web. The concern here is that in 2023 people tend to only read highlighted words / headings than reading or researching about it. Our country have a lot of tech savvy people most of them would ignore this news. Those who are not would set an negative impression.

[pawanjain]

I have thought it through and this is what I believe. The world is divided into 3 stages from my perspective @avikz @pakhitheboss @elevates

Stage 1:
Since cryptocurrencies are unregulated, there are no entities promoting it on public media like TV.
News channel never say positive things about cryptocurrencies but never miss a chance to say negative things when such cases are involved.
This is one of the major reasons why Indian citizens are hesitant towards cryptocurrencies.
These are majorly those people who never invested anything in crypto and consider it a scam based on what such news portray.

Stage 2:
The current generation has moved from TVs to online media and this has made them aware about positive sides of crypto as well.
But they are vulnerable to scams and the only way to avoid those would be to learn more about crypto.
Many get scammed and believe crypto is a scam and never return while some take it as a lesson and then get started with the learning journey.

Stage 3:
The ones who learn more about crypto are less vulnerable to scams than the ones who don't.
In this case, many find ways to earn money through crypto such as trading, lending and staking etc... while the rest turn out to be developers or join crypto startups.

Coming to this post. This news doesn't affect Stage 1 and Stage 3 people because they are determined with what they believe.
But it affects the Stage 2 people which is where many people think crypto is a scam and don't care to move to Stage 3.

[teosanru]

I think almost all the drug based raids would always attract negativity around crypto. It's because it's the sad truth that crypto is used for payment of all these things at a large scale. But yes unfortunately in India the news channels would highlight this as it's because of crypto the drugs scandal was active, and not that drug scandal was the main thing and crypto was just their payment method.