India Arrests Main Suspect in Bitcoin Theft Case
- Bitcoin Theft Case Update: India's Enforcement Directorate arrested main suspect Srikrishna and two associates in Bengaluru, facing cryptocurrency fraud charges worth ₹11.5 crore (approximately $1.3 million), highlighting the case's complexity and severity.
- Historical Context: The scam dates back to 2017 when Srikrishna and his crew allegedly hacked into national and international websites to steal Bitcoin, including a haul from a Dubai exchange, underscoring vulnerabilities in cryptocurrency security.
- Political Connections Investigation: Investigators believe the stolen Bitcoin may have been funneled to politically connected individuals in Karnataka, prompting ED raids on 12 locations linked to the suspects, revealing the case's political sensitivity.
- Inter-Agency Investigation: The case has been transferred among various Indian law enforcement agencies, ultimately taken over by the ED, which is utilizing the Prevention of Money Laundering Act to trace funds across crypto wallets and traditional banking channels, demonstrating a strong commitment to tackling cryptocurrency crime.
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Technical Analysis for U
Technical Sentiment Analysis for Union (U). As of , Union (U) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 4 indicators are flashing buy, while 1 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for U stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, U is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Union (U) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.999 | 0.999 | 1 | 1 | 1 | 1.001 | 1.001 |
| Fibonacci | 0.999 | 1 | 1 | 1 | 1 | 1 | 1.001 |
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