India’s premier investigating police agency, the Central Bureau of Investigation (CBI), has enlisted the services of Liminal, a digital asset custodian, to oversee the management of seized digital assets.
Liminal played a crucial role in a recent CBI operation, where they assembled a specialized team to create secure multi-signature and multi-party computation wallets for the storage of confiscated assets. The specific details of the operation remain undisclosed.
India has grappled with notable cryptocurrency scams, including a $300 million fraud that led to the arrest of 18 individuals and a $120 million scam resulting in at least two arrests.
The announcement highlights the agency’s officers expressing gratitude for Liminal’s collaboration and support. The CBI typically refrains from disclosing intricate details of ongoing investigations.
Liminal, based in Singapore, successfully raised $4.7 million in its seed funding round in mid-2022, with contributions from prominent entities like venture capital firm Elevation Capital and notable angel investors, including Andreas Antonopoulos, Balaji Srinivasan, and Sandeep Nailwal. Founded by Mahin Gupta, also a co-founder of one of India’s early cryptocurrency exchanges, ZebPay, Liminal sees its partnership with the CBI as a commitment to building a secure and regulated digital asset ecosystem in India.
Manan Vora, Senior Vice President of Strategy and Business Operations at Liminal, emphasized their dedication to assisting law enforcement agencies with robust security protocols as experts in the field.