Mumbai and Delhi Top Cryptocurrency Bitcoin, Ethereum Related Scams.
HT Tech cites the national cybercrime reporting portal Information Since in many scams related to Bitcoin, Ethereum, criminals create those websites, where people buy cryptocurrencies and before anyone knows it, these criminals disappear with millions of dollars of money from investors. Not just websites, these cryptocurrency scammers also create fake virtual currencies and apps to fool people.
In India, a case related to cryptocurrency fraud came to light recently, where 17 people have been cheated out of Rs 38 lakh promising good returns on investment. The case is from Gujarat, where a cryptocurrency scam has allegedly been stopped. The four detained defendants had a portal called ‘cybertron.live’ since September 2020. The defendant advised people to invest in the cryptocurrency Tron. He promised that 2% profit will be sent daily to investors’ virtual wallet. By doing this, millions of rupees were taken from people in 150 days.
The cryptocurrency market does not work like the stock market, where investors’ money is legally protected. In the recent past, people have started to think of cryptocurrencies as the only way to make money quickly and because of this, people are investing their precious money in this market without the necessary information. People do not know that cryptocurrency is a digital currency secured by cryptography technology, which has not been created by any government or country. Many things are difficult to track in the world of cryptocurrencies and this is the reason why millions worth scams occur in this market every day. However, it’s not that you can’t avoid fraud or scams that involve cryptocurrencies.
As we mentioned, most fraud cases are linked to fake crypto portals or applications. This means you don’t have to fall prey to any tempting offer without knowing it. If you receive a tempting offer related to bitcoin, ethereum, or any other cryptocurrency in your email box, you don’t have to believe it without consulting it.
Scammers will promise you a return of two, three, four, or multiple times your investment. You should also avoid these types of offers. In addition, you should also check if the person, team or group that offers you is really genuine. You can take the help of Google for this.
Currently, there are many cryptocurrency trading apps or websites that allow you to invest your money in cryptocurrencies. The number of these portals is also increasing rapidly. However, we suggest that you invest only through those portals that have worked legitimately in recent years and are globally verified. These popular and big crypto exchanges in India are CoinSwitch Kuber, WazirX, CoinDCX, etc. At the same time, when it comes to global exchanges, Binance and Coinbase are the two biggest names. There are many legitimate crypto exchanges like this that you can learn about online and invest however you want.
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