India amazes me!Indian police recovered multi million scam - page 3.

stompix

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Quote from: graylexstamit on June 05, 2019, 01:34:02 AM

The fact that really amazes me is how such a low rank (sorry, no offense) country is able to become one of the leading countrues of cryptocurrency using whereas such big countries like Russia, US are doing nothing, except issuing the regulations and taking taxes for crypto using.

Muahhahahahahhaha
The joke of the year!

The US and the European countries are doing nothing for Bitcoin, India is the one fueling crypto!!!!
Grin

Quote from: Haunebu on June 05, 2019, 06:54:57 AM

It is true that the current Indian government does not care at all about BTC and crypto in general, but this in no way means that they aren't doing anything about scammers.

Check these links out:

https://www.pymnts.com/news/security-and-risk/2019/crypto-scam-india-millionaire/
https://www.ccn.com/indias-bitconnect-promoter-third-crypto-scam

Great to see the Indian government doing something about these pathetic scammers.

And do you read the articles and the follow ups as well?

Quote from: Astvile on June 05, 2019, 02:25:42 AM

Well this simply shows that the indian government have concerns about their citizens,US dont give a shit about blockchain/crypto scams never heard some hacker/scammers in cryptocurrency got caught on US or in any other more advance country compared to India.

When you don't have a clue about the stuff you want to discuss, do the world a favor and shut up!!
https://cointelegraph.com/news/unpacking-the-5-biggest-cryptocurrency-scams

Quote

Plexcorp was promising investors over 1300 percent return on investment per month before the US Securities and Exchange Commission (SEC) ordered the company to stop operations.Over $15 mln had been raised during the Plexcoin ICO. Luckily all of the funds were frozen by the SEC and founder Dominic Lacroix was jailed.

Quote

Having been endorsed by the likes of superstar boxer Floyd Mayweather and DJ Khaled, Centratech was thrust into the spotlight for its supposed Visa and MasterCard debit card service that would allow users to convert cryptocurrencies to fiat.
Two of the founders have since been arrested on fraud charges relating to the ICO, which raised around $32 mln, according to Ars Technica.

Quote

Bitconnect
Long accused of being a ponzi scheme, Bitconnect discontinued operations in January in the wake of a cease and desist order from two American financial regulators.

India...lol

Haunebu

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Quote from: sushil7045 on June 05, 2019, 04:43:34 AM

Being from India i dont think government is taking crypto or crypto related cases seriously. i dont know from where you got that perspective that indian gov is fighting crypto scams very efficiently . For me it looks like gov official dont even understand properly what is cryptocurrency. You can check various news article where they mentioned bitcoin 7 ethereum as a ponzi scheme .

It is true that the current Indian government does not care at all about BTC and crypto in general, but this in no way means that they aren't doing anything about scammers.

Check these links out:

https://cointelegraph.com/news/india-police-arrest-four-more-suspects-in-alleged-14-million-crypto-scam

https://www.pymnts.com/news/security-and-risk/2019/crypto-scam-india-millionaire/

https://www.ccn.com/indias-bitconnect-promoter-third-crypto-scam

Great to see the Indian government doing something about these pathetic scammers.

leea-1334

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You totally missed the point, in my opinion,,, India is not ahead of Russia and US, they practically banned crypto so far, did you know? Follow the news, the country cannot even do business if it is crypto related, until the regulations come out, and even so Supreme Court is delaying cases with the banks vs crypto businesses,,, At least you can put out big ads in USA like the Wall Street guys do.

acroman08

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It is impressive that they were able to recovered that much money from fraudsters but if we consider the amount
and numbers of fraudster in the country I think it is still not that big. although I applaud the Indian government that
keeps an eye to these fraudster so the victims will be reduced.

sushil7045

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Being from India i dont think government is taking crypto or crypto related cases seriously. i dont know from where you got that perspective that indian gov is fighting crypto scams very efficiently . For me it looks like gov official dont even understand properly what is cryptocurrency. You can check various news article where they mentioned bitcoin 7 ethereum as a ponzi scheme .

jseverson

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Is this what you're referring to?

https://cointelegraph.com/news/indian-police-uncover-cryptocurrency-scam-involving-bitconnect-promoter

If so, they uncovered the scam, not necessarily recovering whatever money got stolen. Good for India though I suppose.

Herbert2020

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Quote from: Haunebu on June 05, 2019, 04:09:17 AM

Quote from: Herbert2020 on June 05, 2019, 03:43:51 AM

it may be because (at least partly) of the fact that there is a lot more scammers in India and with a much bigger amounts compared to other countries. which is why you see more of these big scams being unconquered. otherwise if you check the news you can see in other places similar news exists. for example recently in US they arrested someone who has scammed people in the millions through ICO.

Lol. I don't think so. I do agree that are many scammers in India, but they are leagues away from the biggest scammers who can be found primarily in Russia. They possess some of the best hackers in the world which is why this is not surprising at all.

Some of the trickiest scammers on Earth are world leaders these days. Scammers exist everywhere, but the smart ones always pull ahead while the idiots get caught like in the news op mentioned.

i obviously haven't done any research and it is just my observation. but what i had in mind was certain types of scams that are mostly common in third world countries compared to developed countries. this types of scam include things such as Ponzi schemes and anything similar to those. and i have seen lots of them take place in India and have a massive popularity.

Haunebu

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Quote from: Herbert2020 on June 05, 2019, 03:43:51 AM

it may be because (at least partly) of the fact that there is a lot more scammers in India and with a much bigger amounts compared to other countries. which is why you see more of these big scams being unconquered. otherwise if you check the news you can see in other places similar news exists. for example recently in US they arrested someone who has scammed people in the millions through ICO.

Lol. I don't think so. I do agree that are many scammers in India, but they are leagues away from the biggest scammers who can be found primarily in Russia. They possess some of the best hackers in the world which is why this is not surprising at all.

Some of the trickiest scammers on Earth are world leaders these days. Scammers exist everywhere, but the smart ones always pull ahead while the idiots get caught like in the news op mentioned.

americanreamt

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Quote from: ?? on ??

Again, I am amazed at how large sums are collected by fraudsters. This means that a huge number of people believe in miracles and pay them.

I also see the positive aspects of such new technologies as blockchain, but since I don’t invest, I’m not afraid to be left without pants. The worst effect is, people think that they need to have time to get the benefit, and invest in cryptocurrency without personal control.

geerus

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Low public awareness is the biggest challenge for crypto investment. People learn a little basics, and want to get quick money, which easily leads to the devastation of personal budget. Frankly speaking, I myself looked at the ICO projects with delight, although I was surprised at the number of scammers with such a volume of interesting ideas. But I was helped by educational materials of the blockchain and cryptocurrency on the taklimakan platform. And now I see that it is better to study the investment system than to give money to ICOs, most of which will not be implemented

Herbert2020

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it may be because (at least partly) of the fact that there is a lot more scammers in India and with a much bigger amounts compared to other countries. which is why you see more of these big scams being unconquered. otherwise if you check the news you can see in other places similar news exists. for example recently in US they arrested someone who has scammed people in the millions through ICO.

Ailmand

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It's good to know that a country like India is doing an action and proper sanction for incidents like this. We all know that the number of scams are increasing and it's something that we must do something about. A country like India is a developing country and despite having lots of scams from their country, they were still able to control it.

btc_angela

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That's why India is somewhat very reluctant about regulating crypto because of this cases. But I applaud them for running after the guy, a lot of small or developing nations though are really upping the tempo and trying to catch those bad actors, so it's not fair to say that no one is really chasing on those big time scammers.

CBANX Ltd.

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The Indian government has always welcomed technologies openly knowing its consequences and has dealt with such scams no matter how tough it is. Blockchain is the emerging technology knowing this they are utilizing it in various business sectors but about cryptocurrency, they are taking the safe steps and delaying the decision.

Leh-Meh

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Quote from: graylexstamit on June 05, 2019, 01:34:02 AM

The fact that really amazes me is how such a low rank (sorry, no offense) country is able to become one of the leading countrues of cryptocurrency using whereas such big countries like Russia, US are doing nothing, except issuing the regulations and taking taxes for crypto using. Ofc there are lot of scam, and a lot of are recovered but the problem is not even that there are a lot of them, but that the government looks at these cases and, in general, with distrust even refers to the blockchain technologies themselves, which in fact do no evil to anyone. People must separate cause and effect. A blockchain is not the cause of fraud. It occurs when general market rules are not created.

The biggest scam for Bitcoin ($14 billion) is from Indian who was owner of bitconnect.com so Indian police will do the job. Actually India is known for the biggest scams in the world.

Indian Billionaire scammer "Nirav Modi" was standing next to PM Narendra Modi in Davos summit. The picture was shown on TV.

Astvile

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Well this simply shows that the indian government have concerns about their citizens,US dont give a shit about blockchain/crypto scams never heard some hacker/scammers in cryptocurrency got caught on US or in any other more advance country compared to India.

graylexstamit

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The fact that really amazes me is how such a low rank (sorry, no offense) country is able to become one of the leading countrues of cryptocurrency using whereas such big countries like Russia, US are doing nothing, except issuing the regulations and taking taxes for crypto using. Ofc there are lot of scam, and a lot of are recovered but the problem is not even that there are a lot of them, but that the government looks at these cases and, in general, with distrust even refers to the blockchain technologies themselves, which in fact do no evil to anyone. People must separate cause and effect. A blockchain is not the cause of fraud. It occurs when general market rules are not created.

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