Liminal, a digital asset custodian based in Singapore, has been chosen by the Central Bureau of Investigation (CBI) of India to safeguard digital assets that have been seized.
Vice President of Liminal Digital Asset Custodial, Manan Vora, reportedly discussed the company’s collaboration with the CBI. The collaboration with the CBI, he claimed, is nothing less than proof of our unwavering commitment to creating a secure and regulated digital asset ecosystem in India.
Vora went on to say that Liminal has a duty as an expert to support law enforcement organizations with stringent security procedures. He ended his remarks by saying
“We are eager to significantly improve the security and accessibility of India’s digital assets.”
Collaboration Amidst India’s Growing Cryptocurrency Scams
The strategic alliance between Liminal and the Indian CBI was formed during a period of increased national attention to cryptocurrency scams, most notably the $300 million scam that occurred in Himachal Pradesh.
Liminal has been assigned the task of overseeing the digital assets that the CBI has taken during its ongoing investigations. The CBI reportedly made progress with the seizure of digital assets and the investigation into the 2018 scam, leading to the arrest of eighteen people.
The CBI’s dedication to creating a safe haven for the digital assets it has confiscated is reflected in the new partnership. Concerns have been raised by the sharp decline in cyberattack and cryptocurrency fraud cases over the last few months. Over 1,000 police officers, government employees, and Indian citizens were defrauded in a scheme that involved approximately ₹2,500 crores in total.
This strategic alliance represents a significant advancement in security, particularly in light of Liminal’s demonstrated effectiveness, stellar service, and proven track record.
In relation to the procedure, Liminal will offer a compliant and safe wallet solution for the custody of seized property. Wallets for multi-sig and multi-party computation will be generated by it.
The Singapore-based digital asset custody company has assembled a dedicated staff to help with this. The team will collaborate with the CBI agents, supporting them with high-profile operations and asset security.