After a couple of days, he received a message that the bitcoin application was frozen as the "contract has expired". The accused duo also became incommunicado, following which the businessman lodged a complaint with the police. Cryptocurrency Fraud: Thane Businessman Loses Rs 34 Lakh in Bitcoin Trade On False Promise of Huge Returns.
As each transaction is recorded on a public ledger known as a blockchain, the peer-to-peer technology that underpins Bitcoin and other cryptocurrencies is widely regarded as secure.