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Tuesday, July 5, 2022

Fake Crypto Exchange Fraud: Fake Crypto Exchange defrauded investors of Rs 1,000 crore, this was revealed in the report

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Fake Crypto Exchanges: Investing in Cryptocurrency is attracting a lot of investors these days. But Fake Crypto Exchanges have duped investors of crores of rupees. According to cyber security firm CloudSEK, investors have lost Rs 1,000 crore by investing in fake cryptocurrency exchanges in the country. According to the report, these investors had invested in fake crypto exchanges through social media portals.

Fraud for Fake Crypto Exchange
According to a CloudSEK report, crypto scammers use different methods to woo users. Through Identity Scam and Phishing, users are tempted to invest in Fake Crypto Exchanges. According to the report, the fake crypto exchange looks exactly like the real trading platform. These cyber frauds entice the user by giving a credit of $100 under the welcome offer. This amount is also credited to the account to win the trust of the users. After falling into this hoax, users put money in the platform to earn more. After the user enters the money on his behalf, the trading and withdrawal facility is withdrawn and disabled for the user from the platform of the fake crypto exchange.

This matter came to the fore in Mumbai
Recently, on May 27, Mumbai Police arrested an undergraduate student in Kandivali Lest area, who had committed a crypto scam of Rs 1.5 crore. He had promised to give 25 percent profit to the users but he could not give it. At the same time, it was reported that a fraudulent crypto exchange in Malabar Hill, Mumbai stole Rs 1.57 crore from an investor. Such crypto fraud is not happening only in India. Such cases have also been reported in America. On June 17, an FBI agent informed the media that such crypto scammers are trying to lure professionals by visiting LinkedIn. Scammers first win the trust of the users and then cheat through fake crypto platforms.

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