Bengaluru Trader Loses Bitcoins Worth Lakhs And Lawsuit Against Crypto Site
Giottus’ lawyer said that Prashanth shouldn’t be able to complain because he was trading a cryptocurrency that the Indian Government doesn’t officially recognize.
Photo : Times Now
Bengaluru: A Bengaluru man who sued a cryptocurrency trading website after losing bitcoin worth $12,484 USDT lost the case as well; a municipal consumer court ruled that he was a victim of cybercrime and that the cryptocurrency trading website was not at all at fault for the case’s service deficiencies.
On December 15, 2022, Nayandahalli resident Prashanth was trading cryptocurrency through the Chennai-based Giottus Technologies Pvt Ltd when he allegedly encountered server issues and his transaction failed.
Prashanth reached out to Giottus for help but didn’t get the support he hoped for. He even tried to use the insurance the company gave him when he first joined, but they told him losses from
Upset, Prashanth reported the issue to the Bengaluru Police’s cybercrime team on December 23, 2022. He also filed a complaint against Giottus at a consumer court in Shantinagar, accusing them of poor service. In the court, he had a chartered accountant to help present his case.
Giottus’ Defence
Giottus’ lawyer said that Prashanth shouldn’t be able to complain because he was trading a cryptocurrency that the Indian Government doesn’t officially recognize. They also said Prashanth’s account got hacked while he was trading. Furthermore, they pointed out that Prashanth mistakenly gave his login details on a different website, not Giottus, which let hackers steal his bitcoin. This kind of theft, called phishing, isn’t covered by their insurance.
On September 19, the court decided that Giottus was not to blame. They said the company didn’t do anything wrong and that Prashanth was actually a victim of a cybercrime.
