Indian investors lose ₹1,000 crore in fake crypto exchanges: Report
2 years, 6 months ago

Indian investors lose ₹1,000 crore in fake crypto exchanges: Report

Live Mint  

Crypto scammers are using a wide range of techniques, including identity scams and phishing, to lure users into investing through fake crypto exchanges. Investors in India have lost as much as ₹1,000 crore in such scams that have spread through social media portals, according to a report by Indian cyber security firm, CloudSEK. According to the report, the scam involves creation of fake crypto exchanges that resemble legitimate trading platforms. Shortly thereafter, on May 29, a Hindustan Times report said that a fraud crypto exchange, which too was impersonating a legitimate site, stole ₹1.57 crore from an individual based in Malabar Hill, Mumbai.

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