The company reports that Liminal, a digital asset custodian, has been designated by India’s Central Bureau of Investigation (CBI), the country’s top investigative police agency, to oversee digital assets that have been seized.
In order to securely store seized assets, Liminal has already assisted a CBI operation by putting together a specialised team that created multi-sig and multi-party computation wallets. The operation’s specifics remained undisclosed. India has recently witnessed at least two significant cryptocurrency scams: one worth $300 million, in which 18 people were arrested, and another worth $120 million, in which at least two people were detained.
Liminal’s cooperation and support during this operation were acknowledged by the officers in a recent announcement. Details of ongoing investigations are usually not made public by the CBI.
Midway through 2022, Liminal secured $4.7 million in seed funding from notable angel investors like Andreas Antonopoulos, Balaji Srinivasan, and Sandeep Nailwal, as well as venture capital firm Elevation Capital. Mahin Gupta launched Liminal. He was also a co-founder of ZebPay, one of the first cryptocurrency exchanges in India. Singapore is home to its base.
Manan Vora, Senior Vice President of Strategy and Business Operations at Liminal, said, “We view our partnership with the CBI as a testament to our unwavering dedication to building a safe and regulated digital asset ecosystem in India.” “As experts in the field, we feel it’s our responsibility to assist law enforcement agencies with rigorous security protocols.”