Key Points
- India arrests Darwin Labs co-founder in alleged GainBitcoin Ponzi scheme involving 29,000 Bitcoin.
- Bitcoin trades near $70,300, facing resistance at $72,000 and support around $69,000.
India’s Central Bureau of Investigation (CBI) has arrested Ayush Varshney, co-founder of Darwin Labs, over his alleged role in the GainBitcoin Ponzi scheme.
Authorities detained him at Mumbai airport on March 10 as he was reportedly attempting to leave the country.
The case centers on approximately 29,000 Bitcoin, currently valued at more than $2 billion.
CBI Action in GainBitcoin Investigation
According to investigators, the GainBitcoin scheme operated through Variabletech Pte. Ltd., promising investors unusually high returns on cryptocurrency deposits.
Darwin Labs allegedly built the technical framework supporting the operation, including the MCAP token and several ERC-20 smart contracts.
Authorities claim the project also relied on affiliated platforms such as GBMiners.com and the CoinE Bank wallet to create the appearance of legitimate activity.
The scheme, which began in 2015, is reported to have collected about ₹19 crore ($2.1 million) in fiat currency in addition to the mined digital assets.
Bitcoin Price Levels in Focus
Amid ongoing regulatory scrutiny of past crypto cases, Bitcoin is trading near $70,300, reflecting a modest 24-hour gain of around 1%.
The asset recently encountered resistance at $72,000, a level that has limited upward movement in recent weeks.
Market data from TradingView indicates that price action remains sensitive to technical thresholds.
Analysts note that a break below the $69,000 support zone could expose the market to further downside, with $60,000 viewed as a potential retest level.
At the same time, holding the $68,000–$69,000 range may allow consolidation before another attempt to move toward $72,000.
Macroeconomic factors, including a firmer U.S. Dollar Index, continue to influence short-term momentum across risk assets.
