Indian investors may have lost $ 128 million (Rs 1,000) due to a fake crypto exchange. Most of them were fooled by their lack of knowledge about safe investments in digital assets. As investors become more and more focused on crypto, scammers are also focusing on this new asset class to find prey, Tuesday’s news report said.
$ 128 Million Cryptographic Scam
Revelation was done in the media report It is based on information provided by cybersecurity company CloudSEK. The company ran into a scam when an investor who lost $ 64,000 (50 rupees) in a cryptocurrency scam asked for help.
During the investigation, CloudSEK said it ran into an ongoing operation where phishing domains and fake crypto apps were being used to scam unprotected investors.
Rahul Sasi, Founder and CEO of CloudSEK, said:
CloudSEK explained the fraudulent tactics and said that the entire operation begins with the setup of a fake crypto trading platform that pretends to be legitimate. These duplicate the website dashboard and user experience of the official website.
“This massive campaign seduces careless individuals into giant gambling scams. Many of these fake websites impersonate the legitimate UK-based cryptocurrency trading platform, CoinEgg. “There is,” the report said.
Unquestioned investors will be approached and friendly on social media by threat actors who normally use fake female profiles. They affect victims, invest in digital assets and start trading.
“This profile also shares a $ 100 credit as a gift to a particular crypto exchange. In this case, it’s a copy of a legitimate crypto exchange,” the report explains.
First, the victims make a considerable profit to increase their level of trust. This results in a higher amount of investment, which is when scammers strike. Suddenly, the investor finds that his account is frozen and he cannot withdraw his investment. Those who have influenced them to invest in social media will also lose contact.
When deceived investors carry their dissatisfaction on the Internet, new threat actors appear in the guise of investigators.
“We require victims to provide sensitive information, such as ID cards and bank details, by email in order to acquire frozen assets. These details are to perform other malicious activities. Will be used for, “the report said.
Rising crypto fraud cases
Cryptocurrency fraud cases have been reported very often in India, primarily due to the growing popularity of digital assets and the lack of a legal framework to regulate them.The Government of India is reportedly planning to submit a cryptographic regulation bill only in the following cases: consensus Reach at the global level.
Recently Indian police arrested Two private detectives who stole 1,137 BTC while investigating crypto-based MLM fraud, including 87,000 BTC.