India's Central Bureau of Investigation (CBI), the nation's premier police agency, has enlisted digital asset custodian Liminal to oversee confiscated digital assets, as confirmed by the company. Liminal lent its support to a CBI operation by forming a specialized team to create secure wallets for seized assets, employing multi-sig and multi-party computation techniques. Details of the operation remain undisclosed.
India has recently witnessed two significant cryptocurrency scams, one worth $300 million resulting in 18 arrests and another involving $120 million with at least two individuals detained. The CBI, however, refrains from disclosing information about ongoing investigations.
Liminal secured $4.7 million in seed funding in mid-2022, featuring investments from Elevation Capital, alongside prominent angel investors including Andreas Antonopoulos, Balaji Srinivasan, and Sandeep Nailwal. Mahin Gupta, the founder of Liminal, was also a co-founder of ZebPay, one of India's early cryptocurrency exchanges. Liminal is headquartered in Singapore.
Manan Vora, Senior Vice President of Strategy and Business Operations at Liminal, remarked, "Our collaboration with the CBI underscores our unwavering commitment to establishing a secure and regulated digital asset ecosystem in India. As experts in the field, we believe it's our duty to aid law enforcement agencies with robust security measures."