Topic: $300 Million Crypto Scam in India. (Read 254 times)

It may be hard to believe that criminals are only getting nabbed lately but at least they get nabbed, right? And that is something better than not getting nabbed at all. I think that is because there are no strong regulations back in time, so criminals are free to roam around. Regulation depends on the government but I won't say they mean it to not regulate crypto and help the criminals.

It's just that crypto was still kinda a new thing before and many governments still hates it, or skeptical if they will adopt it or not. Crypto is not country-specific since it is a digital currency, so all people who are involved with it are in great threat or exposed to the scams and hacks that can possibly happen at any times. This is why it's important to stay updated and take extra preventive measures.

What we must know about cryptocurrency scam it's not restricted or limited to any country as we may know, basically when it comes of investment especially altcoin we should be very mindful because a no body's can arise to come form a project with fake identity pretending to be people they aren't, after which people invested they easily exit from the market leaving an empty project to people around. One thing that gets me offset is that scammers always get a targeted area which they want to scammed just as they created a token specifically for indians, and this type of scam often happens when it's next to bullrun and they would want to utilized such opportunity to scam people in the name of utilizing halving.

Its seems the one operate in each country are well organized syndicate because they really know how to organize their scams and also know how to deceive people even if they do a repetitive method. Its hard to point out that there are some officials are involve with this scam since we need evidence to point out and its hard to spread or believe on just a hearsay since we might put at huge danger with that. Although its really alarming if they are really involve with those scams since we don't know if who will protect the citizens since those officials are supposed to be protecting his people but its unfortunate that there's a rumors of their involvement. Best for this is to have proper knowledge and if there's news about scamming happen maybe its best for people to digest the news they see its because this schemes is always been used by those scammers so that they would not get deceive by any bad entities.

People need to be vigilant on their investment and they need to know that even if those people show some money our other luxurious it doesn't mean they are legit most of them trying to lure them so that they will be their potential victim of their scams.

We can’t stop scammers. Today they took the help of cryptos, tomorrow there will be something else. So we can’t blame here the medium that is used for scamming. Rather the scammers should be the only responsible. Now if Indian government starts banning cryptos due to such scams, then they are killing their own growth for the people. I remember at that time ICOs and IEOs were at peak. So many people invested in those and later got trapped in the scams.

Crypto scam had been I existence for a very long time and we should be surprised if we see that coming often. Although it might be very difficult for us to know what coin is going to be a rug pull but it is important for us to stay safe than keeping on money on an investment because of the high promises it tend to offer customers. Crypto market is big and we should have the discipline of selecting what coin we want to put our money into. The market is full of scammers and hackers we need need to be prepared and stay away from projects that would run away with customers funds.

Fraud in crypto through the form of calling for investment is an unethical behavior, knowledgeable people take advantage of it and take advantage of people's trust, as well as evoking human greed.
But I also need to be fair here because from any angle, both the victim and the victim need their own punishment frames to be more of a warning. Popularizing awareness is necessary, but usually the churn of this market is very large, new people come in the short term, and they easily mistakenly think everything brings an opportunity to increase their assets. Only to collect money and realize that it is the price for a program to learn about knowledge and experience, everywhere there are good/bad people, and especially in today's age when information is spread on social networks easily accessible, so we need to be even more vigilant.

We've probably watched the same video, mate, LOL... And yeah, there are lots of scams in India, but it happens in other countries too. These scams typically occur in poor countries, but they say India is a rich country with poor people.



There are other countries with reported crypto scams as well, like in the Philippines, but I haven't heard any news about government officials or the National Police being part of the scams. This news is quite alarming because the involvement of officials suggests that law enforcers at higher ranks may have benefited from this before it was exposed.

Where did it happen? Ohhh in India? The country which is famous for scamming other people. I don't want to generalize the country as a whole, but many Indians are scammers. Well, I guess I'm watching Youtube channels who are baiting, and hacking those Indians scammers too much that I think of the whole country as scammers.

TBH, since I've seen many Youtube videos that is exposing Indian scammers, I didn't surprised that they can make a scam this huge. Government official getting involved? I'm not even surprised that they are involved TBH. Most of the government officials are corrupt, and include also the fact that they have the power. Authorities, and those who have knowledge in crypto are milking those newbies and those who are financially illiterate. Kind of sad, but that's how the world is. Some will go up, some will go down.

Overall, nothing surprising especially it's the Indians who are perpetrators in this crypto scam. I just hope that those who got scammed will learn on this mistake.

I guess this is much more apparent since a lot of people are involved but there's usually a lot of scams out there. Heck, even simple message scams still happen (yes I still receive them to date) and I reckon some people still fall for it, kinda amazing if you really think about how they still do after all this time.
 
It's really just in general knowledge about investments and business stuff. Stuff that you'd actually expect schools to teach you really. Well avoiding all types of things like this can make you miss some legit ones I suppose, and legal knowledge is mostly thrown out the people most of the time so it's no wonder scams continue to happen.

its always these kind of shitcoin looking for investors offline that always scams huge amount of money, its so rampant everywhere that I think when a coin is pursuing some people into investing even in offline like this its already a redflag.
people honestly should know better not to just randomly throwing away their money but we now that there are still so many people uneducated about how crypto actually works.
sometime these scams labeling themselves crypto while not even a crypto, just scam using centralized database to store data and call it blockchain such ridiculous thing.
I hope anyone that falls victim can get their money back somehow since its not some measly amount $300 million is simply too much of a money.

I don't know how and why so many people fall for this stuff.  Is it greed that just blinds people or just stupidity.  With so many scams out there why would you ever get involved with something that can easily turn scam.  I guess the easiest way to avoid this is just buying and holding bitcoin

Yes agree. So many people who misunderstand about crypto that they cannot avoid fraud because this fraud will continue to exist at any time, and usually this fraud will look for victims who hope to be rich quickly or in other words they are greedy. Key education to avoid fraud, they should study Crypto in full, learn the basis of crypto so that they can sort Crypto that smells of fraud, because usually frauds always offer small capital can get big profits.

Which is very unfortunate from this fraud, people are even afraid to hear the word crypto, and with the emergence of crypto fraud that is only done by people like this, it is not surprising that more people are afraid In fact different, but the ones in their minds are the same.

Crypto education alone doesn't make someone steer clear from the scams that they may face throughout their journey, but they need to learn a few basic things that most people don't understand when it comes to cryptocurrencies and the market. The very first thing is to understand and acknowledge that cryptocurrencies are not a get-rich-quick scheme and they are not here to make everyone rich, it's a common misconception among new investors and people who have less knowledge about cryptocurrencies and the market.

Because of this mindset, people fall for scams such as websites promising high returns on investments, wallets providing high APY or even monthly returns on stacking coins and tokens, fake NFT marketplaces giving free NFTs worth very high but require gas fees to transfer the NFTs to other marketplaces. These are all common scams but new users don't know it because they have a wrong concept about cryptocurrencies in general.

Well scams happen everywhere.

300 Million dollar is a lot of money for scammers in India but way small compared to 9 billion of the FTX scam.

Most such scams make use of the stupid MLM schemes that are a rage in Tier-2 cities in India. All this bullshit started with Amway and then a lot of these companies started popping up selling soaps and herbal supplements and all kinds of shit. This is why MLMs are considered as an acceptable form of business in India. It may be so even in other similar countries with a lot of literate but uneducated, 5G phone-wielding nincompoops (sorry!!)

This is the kind of demographic that these scammers target and easily fleece with light shows and throwing airs of importance by hosting themselves in small hotels and banquet halls. It boils my blood to feel that these people defraud so many people. In this case,, there were grown-ass cops involved too (well, even the cops in these countries of ours are like the aforementioned literate but uneducated, 5G phone-wielding nincompoops)

Hope the police can catch these scammers and hang them by their ankles till they don't make everyone whole. The fuckers have pleaded that they have lost all the money and are running lot of liabilities. I bet they are just banking on the lack of traceability and the slow Indian judiciary to bail them out.

Political involvement won't work anymore cause if there is such involvement they probably have done something to hide this also politicians keep changing every 4 or 5 years and it happened a long way back so someone in charge now wants to take revenge for something.

Anyone who found to be involved in crime should be punished that is the only way to stop such incidents in the future but we all know justice can be bought with money.

It's really frustrating to see news scams uncovering everyday and these things goes as a blackmark on crypto domain due to which possible investors look at even genuine project with suspiciousness, these scammers are leaving a bad impression for the crypto industry though scams happens in almost every other domain. Education is very important and people have to accept the fact and lodge deep inside their mind that crypto is not a get rich quick scheme as people often fall prey for these things. What's even more shocking is the fact that authorities are involved in it just like their involvement in all the other scams. It's high time that awareness has to be spread and what more worst is, we cannot have any team to investigate any new projects because either it will become centralized in nature or else corrupt. These scams will stop only when Crypto and risks associated to it would be taught through open forum else people will just assume crypto as a scam.

people always want to be the first to invest to make money, in a hurry to make money and so they invest without knowing the full details. all they care is making money and not having to do something. even when all the warning signs are checked that it could be a scam because it offers too good to be true ROI.

what makes this scam controversial is that local politicians and even police officers are part of the scam. it wouldn't be surprising to learn soon that victims are afraid to speak because of these police officer's involvement.

Just another news and there is no way to stop the rug-pull scams unless people are ignorant about the next big thing in crypto vanishes. I doubt that the coin even existed in the first place because in 2018 period people went crazy for shitcoins after the bullish season and that time people were looking for the next bitcoin and thousands of projects claimed to be one and shitcoin investors made tons of money too but at the end people lost more comparatively.

There's no way to stop them but they can be cracked by the authorities if they want to. Why I'd say that they won't be stop? Because they will just reproduce and the same schemes will be made.
They won't stop because they all know that there will always be the victims that they can fool and no matter how hard the authorities crack them, they will keep on re existing because of unlimited tricks they can make.

This scam originated from a state of India known as Himachal Pradesh. It all started because mainstream media promoted Bitcoin unknowingly when it reached a ATH of 21k. Then afterwards a lot of scam projects came into existence in many northern states of India. The RBI placed a blanket ban due to a surge in scam project. All of them claimed that they are better than Bitcoin. Due to which innocent civilians invested.money and got scammed.

To counter this ban these scammers mainly used MLM with cryptocurrency and created thier own exchange and continued scamming people. After the blanket ban was removed by the Supreme court again these scammers became active and that is why the government used it last resort by applying 30 percent tax on crypto gains. I am not sure whether it has stopped scammers as still news are coming out about such scams.

The problem is that everyone thinks crypto is way to become rich quickly and because of they greed they fall for such traps.