India’s Supreme Court Slams Government for Crypto Regulation Vacuum

India’s top court just dropped the hammer on bureaucratic inertia—calling out the government’s glaring lack of crypto oversight. No more ’wait-and-see’ while billions flow through decentralized networks.

Judges aren’t buying the ’complexity’ excuse either. Meanwhile, traders keep stacking sats under the radar—because nothing screams ’healthy market’ like regulatory limbo, right?

BitConnect fraud case heating up in India

The apex court resumed hearings in a case involving multi-state cryptocurrency fraud. The case centers around petitioner Shailesh Babulal Bhatt. He has been accused of abducting two employees of the now-defunct BitConnect platform in 2018 and allegedly extorting 2,091 Bitcoins, 11,000 Litecoins, and ₹14.5 crore in cash.

Bhatt has reportedly mentioned that his motive was to recover losses from his investment in BitConnect. During the hearing, the Court asked Additional Solicitor General Aishwarya Bhati for an update on the investigation timeline. The matter has been listed for further hearing on May 30, with the Central Bureau of Investigation (CBI) directed to complete further investigation by that date.

Back in 2018, Bitcoin was trading at $10,000 after hitting $17,000 in 2017. BTC price dropped to hover around the $3,000-$4,000 zone later in the year. However, Bitcoin is trading at an average price of $105,161 at the press time. BTC went on to hit its all-time high (ATH) of $109,114 on January 20, 2025.

The global digital assets market printed green indexes all around on Tuesday morning. Its cumulative market cap surged by more than 2% over the last day to stand at $3.33 trillion with a trading volume of $126 billion.

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