HT Tech has reported, citing the National Cybercrime Reporting Portal, that in many frauds related to Bitcoin, Ethereum, criminals create such websites where people buy cryptocurrencies and before anyone gets a clue, these criminals make millions of investors. Disappears with Rs. Not only websites, these cryptocurrency scammers also create fake virtual currencies, and apps to cheat people.
Recently, a case related to cryptocurrency fraud in India came to light, where 17 people have been duped of Rs 38 lakh by promising good returns for investment. The case is from Gujarat, where allegedly a cryptocurrency racket has now been detained. The four arrested accused were running a portal named ‘cybertron.live’ since September 2020. The accused advised people to invest in Tron cryptocurrency. Promised that 2% profit will be sent daily to the virtual wallet of the investors. By doing this, crores of rupees were taken from people within 150 days.
The crypto market does not work like the stock market, where investors’ money is legally protected. In the recent past, people have started thinking of cryptocurrencies as the only way to earn money fast and due to this people are investing their precious money in this market without any necessary information. People are not aware that cryptocurrency is a digital currency secured through cryptography technology, which has not been created by any government or country. Many things are difficult to trace in the crypto world and this is the reason why scams worth crores are happening in this market every day. However, it is not that you cannot avoid frauds or scams involving cryptocurrencies.
As we mentioned, most cases of fraud are linked to fake crypto portals or apps. This means that you do not have to fall prey to any tempting offers without knowing it. If you get a tempting offer related to bitcoin, ethereum or any other cryptocurrency in your email box, you don’t have to believe it without checking it out.
Scammers will promise you a return of two, three, four or several times your investment. You should also avoid such offers. In addition, you must also check whether the person, team or group offering you is actually genuine. You can take the help of Google for this.
There are currently many crypto trading apps or websites that allow you to invest your money in crypto. The number of these portals is also increasing rapidly. However, we would suggest you to invest through only those portals which have worked legitimately in the last few years and are globally verified. Such 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 one that you can find out about online and invest as you please.