Scams related to crypto wallet and gateway MetaMask are on the rise amid developments including the Ethereum Merge and Cardano’s Vasil hard fork....

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A U.S. grand jury indicted Satish Kumbhani, the founder of BitConnect, orchestrating a fraud scheme that siphoned approximately $2.4 billion from investors. (Read More)

A typical cryptocurrency fraudulent scheme resulted in a loss of around $200,000 for a British individual.

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This year has seen a surge in cryptocurrency investment all around the world, and India was no exception. According to recent research, the world’s second-most populous country is poised to be a major player in the global crypto market. Coinstore’s daily traded volume has increased dramatically since it began active operations in June 2021, increasing from $10,000 to $40 million per day. Asian and African countries, which account for over 70% of the market, have seen rapid expansion. But this development came with an even greater price last year. According to statistics from blockchain analytics firm Chainalysis, Indians have visited bogus crypto websites in droves in recent years. Last year, Indians visited crypto scam websites 9.6 million times. The figure was substantially greater in 2020 when Indian users visited crypto scam websites 17.8 million times. Coinpayu.com, adbtc.top, hackertyper.net, dualmine.com, and coingain.app were the top cryptocurrency scam websites frequented by Indians in the past year, according to Chainalysis. Enforcement Directorate confiscate assets worth about $5 million  Several Bitcoin scam instances have been investigated by Indian authorities. The country’s Enforcement Directorate (ED) confiscated assets worth $5 million earlier this month in connection with an alleged cryptocurrency scam using Morris Coin. Scams using cryptocurrency are a top priority for regulators around the world. Crypto frauds are at the top of the North American Securities Administrators Association’s (NASAA) “annual list of top investor concerns,” according to the organization. Furthermore, the US Federal Trade Commission (FTC) recently issued a warning to customers concerning Bitcoin ATM scams.

The post Crypto Scam Websites Remain A Major Concern As Crypto Wave Engulfs India appeared first on Cryptoknowmics-Crypto News and Media Platform.

Beijing’s crackdown on crypto continued with the start of the new year as Chinese police froze nearly 6 million yuan ($1 million) worth of crypto and arrested eight people involved with it. As per a report published in Nikkei Asia, the public security bureau of Chizhou unearthed a crypto rug pull fraud that could be worth 50 […]

The Chizhou police arrested eight people from different provinces in December and froze assets worth millions.

India’s Enforcement Directorate (ED), a specialized financial investigation agency under the Department of Revenue, Ministry of Finance, has seized assets valued at 36.72 crore rupees ($5 million) in connection with a cryptocurrency scam. The ED began investigating the alleged crypto scam after a first information report (FIR) was registered by the Kerala Police under the […]

Indian Enforcement Directorate has seized assets worth approximately $5 million in connection with an alleged cryptocurrency scam involving Morris coin that has duped investors out of $162 million. The crime proceeds were used to buy cryptocurrencies. India Authorities Seize Assets in Alleged Crypto Scam Case India’s Enforcement Directorate (ED), a specialized financial investigation agency under […]

The U.S. Federal Trade Commission (FTC) has warned consumers about scams involving cryptocurrency ATMs. “There’s a new spin on scammers asking people to pay with cryptocurrency,” the FTC described. FTC’s Warning About Scams Involving Cryptocurrency ATMs The U.S. Federal Trade Commission (FTC) issued a scam alert involving cryptocurrency ATMs Monday. The consumer notice, posted by […]

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