India’s Central Bureau of Investigation (CBI) has appointed Singapore-based Liminal, a digital asset custodian to secure seized digital assets
According to reports, Manan Vora, the Vice President of Liminal digital asset custody company, spoke about the partnership with the CBI. He said the partnership with the CBI is no less than a testament to our unwavering dedication to building a safe and regulated digital asset ecosystem in India.
Vora further added how as an expert, it is Liminal’s responsibility to assist law enforcement agencies with rigorous security protocols. He concluded his statement with
“We look forward to making a substantial contribution to India’s digital asset security and accessibility.”
Partnership Amid Rising Cryptocurrency Scams in India
The strategic partnership between India’s CBI and Liminal came at a time when the nation is constantly reporting crypto scams, especially the biggest crypto scam of $300 million in Himachal Pradesh.
Liminal has been entrusted with the responsibility of managing the digital assets seized by the CBI during ongoing investigations. In the 2018 scam, the CBI reportedly arrested 18 individuals and made progress with the seizure of digital assets and investigation.
Also Read: Ripple’s Partner SBI Holdings Introduces $663 Mln Fund For AI, Web3 Startups
CBI Commits to Secure Digital Assets
The new partnership is a reflection of the CBI’s commitment to develop a secure space for the seized digital assets. In the past few months, the cases of cyber-attacks and crypto frauds have taken a plunge, raising alarming concerns. Indian citizens, government officials, and more than 1,000 police were defrauded , with an overall scam of approx ₹2,500 crores.
This strategic partnership is a big step towards security, especially with Liminal, which has shown its efficiency, with outstanding service and track record.
Speaking of the process, Liminal will provide a secure and compliant wallet solution for the safe storage of seized assets. It will create multi-sig and multi-party computation wallets.
In this regard, the Singapore-based digital asset custody firm has established a specialized team. The team will work with the CBI officers, assisting them on high-profile operations and security of the seized assets.
Also Read: Ripple News: Whale Moves Over 59 Mln XRP As Price Nears $0.70, What’s Next?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: