International collaboration played a crucial role in identifying the perpetrators. A joint statement issued on January 14 by the United States, South Korea, and Japan attributed the heist to North Korean hackers associated with the Democratic People’s Republic of Korea (DPRK).
According to the ED, the operation involved promising investors astronomical returns through a token-based app called HPZ Token and online gaming and betting platforms. Victims were lured with claims of doubling their investments, only to have their funds siphoned off.
The announcement was made by U.S. Attorney Dena J. King of the Western District of North Carolina, alongside Jason Byrnes, Special Agent in Charge of the U.S. Secret Service’s Charlotte Field Office.
In court filings dated October 16, Singh’s legal team emphasized that he only became aware of the conspiracy to misuse customer funds two months before the crypto exchange’s collapse.
M/s Goldcoat Solar misled investors by promoting itself as a legitimate participant in this national project, allegedly endorsed by the Ministry of Power.
