Crypto Scam Websites Registered 10 Million Visits From India in 2021
The cryptocurrency market saw massive growth across the globe. This includes India.More than 100 million Indians are said to be exploring the crypto market when Indian authorities are deciding on their position on cryptocurrency. Affected by the lack of understanding and research of the crypto market, a lot of crypto-enthused Indians are navigating their way through fake websites, a new study by Chainalysis has revealed. In 2021 alone, fraudulent websites that sell cryptos received the equivalent of 10 million users from India, The report stated.
The growth of crypto and the rise of cybercriminals ripping off innocent investors have increased in recent years.
The top five crypto scam websites frequented by Indians in 2021 comprised Coinpayu.com, Adults. Top, Hackertyper.net, Dualmine.com, and Coingain. App according to a study by Mint, which cites Chainalysis information.
Some websites have been designed to illegally collect personal details of users without their knowledge or consent. Names, email addresses, phone numbers, and other private information for potential cryptocurrency investors are typically taken by these fraudulent websites, which expose potential investors to the risk of being further swindled.These scam websites also offer false investment plans for crypto-investors, leading to frauds like Morris Coin. Morris Coin fraud.
For instance, in the last month, around 900 people were found to have been scammed of more than $161 million (roughly 1,200 crores) in Kerala. 1200 crore) in Kerala due to a crypto fraud. The victims were reported to be lured into investing in the “initial coin offering” issued by a Kerala man who claimed to have a fake cryptocurrency known as The Morris Coin.Scammers are also reaching out to prospective crypto investors via popular social networking apps such as WhatsApp and Telegram.
However, the Chainalysis report has stated that the number of Indians using fake cryptocurrency websites has drastically decreased since 2020. A year ago, Indians visited crypto scam websites more than 17.8 million times.To increase awareness about the crypto industry in India, various industry organizations are taking steps in their capacities.
For instance, the Internet and Mobile Association of India (IAMAI) was formed to form 2021 the Blockchain and Crypto Assets Council (BACC) in 2021 to disseminate information about cryptocurrencies.
Telangana state officials have signed agreements with an exchange CoinSwitch Kuber and innovation management firm Lumos Labs to mark the blockchain education initiative centered around blockchain in India.
Indian cryptocurrency exchange platforms, such as CoinSwitch Kuber, have also included warning functions on their media that alert investors to be aware of buying any volatile or comparatively unfamiliar cryptocurrency.
Crypto scammers stole more than $7.7 billion (roughly around Rs. 568,697 million) from investors in the last year, as a report from Chainalysis was released in December.
Can you get scammed on crypto?
Scammers are always finding new ways to steal your money using cryptocurrency. One sure sign of a scam is anyone who says you have to pay by cryptocurrency. In fact, anyone who tells you to pay by wire transfer, gift card, or cryptocurrency is a scammer.
What is crypto spam?
It involves an impersonator, a QR code, and a trip to a store (directed by a scammer on the phone) to send your money to them through a cryptocurrency ATM. It works like this: someone might call pretending to be from the government, law enforcement, or a local utility company.
Can you get scammed on Coinbase?
Scammers can create fake websites asking for sensitive information to gain control of your accounts. Coinbase employees will NEVER ask you to share your password, 2-step verification codes, or private keys. If someone claiming to be from Coinbase asks you for this information, it is a scam.