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Report: Indian Investors Lost $128 Million Due to Fake Cryptocurrency Trading Platforms

Report: Indian Investors Lost $128 Million Due to Fake Cryptocurrency Trading Platforms

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Answer Report: Indian Investors Lost $128 Million Due to Fake Cryptocurrency Trading Platforms

According to a recent report, Indian investors lost $128 million (INR 1,000 crore) to fake cryptocurrency exchanges.

Most of them were scammed due to lack of knowledge about safe investments in digital assets.

As investors increasingly turn their attention to cryptocurrencies, scammers are also focusing on this new asset class to find their prey.

$128 Million Loss Due to Fake Cryptocurrency Trading Platforms:

This huge loss was revealed in a report My information is based on information provided by the cybersecurity company CloudSEK.

Mr. Rahul Sassi, Founder and CEO of CloudSEK said:

We estimate that the scammers defrauded victims of up to $128 million (around Rs 1,000 crore) through scams using a fake cryptocurrency exchange hoax.

Read:Premier League clubs want to enter the world of cryptocurrency

How:

CloudSEK described how the scam works by saying that the entire process begins with creating fake cryptocurrency exchanges that pose as legitimate.

Scammers copy the official trading platforms, duplicating the graphical interfaces, website control panel, and user experience of the official website.

The report also told that many of these fake websites are impersonating CoinEgg, a legitimate UK-based cryptocurrency exchange.

Unsuspecting investors are contacted and befriended on social media by threat actors who often use fake female profiles.

They then influence the victim to invest in the digital assets and start trading.

The report pointed out that the fraudulent platforms also share a balance of $ 100 and offer it as a gift to users to ward off suspicions and remove suspicions.

In the beginning, the victim makes good profits that boost his confidence level.

This results in a larger investment, and at this very moment the scammer attacks.

Then the investors find that their accounts are frozen and they cannot withdraw their money.

The person who influenced them to invest on social media also disappears.

Read:Why is Tether USDT always recording high trading volume?

As deceived investors roam the Internet with their complaints, new threats emerge under the guise of investigators.

To recover frozen assets, they ask victims to provide confidential information, such as ID cards and bank details, via email.

These details are then used to commit other nefarious activities.

Notably, cryptocurrency-related scams have been reported frequently in India, mostly due to the growing popularity of digital assets there and the lack of a legal framework to regulate them.

Read also:

The number of active Ethereum addresses drops to the lowest level since January 2021

Albania will start taxing cryptocurrency earnings from next year


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