nhnhbg Are Indians Becoming Soft Target of Cryptocurrency Scammers – Money Up Down
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Are Indians Becoming Soft Target of Cryptocurrency Scammers

cryptocurrency scams in india

In India cryptocurrency is still not legally accepted or controlled by government. But, people have become crazy for this rapidly growing market and investing in every crypto that’s suggested on some online blog or magazine. Scammers are utilizing this craze of Indian investors and novice account holders to rob them in a variety of ways.


By nature cryptocurrency is highly volatile and thus extremely risky for the investors. Making it more critical, scammers started offering lucrative plans for the novice investors by introducing several plans which hardly any novice user can identify.

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As per a report by a blockchain tracking company, Indians have searched and visited millions of times several scam websites which ensures that people in India are still not enough aware about which are scam website or which are genuine.


The shocking part is, in the year 2020 people visited almost 18million times these scam websites, either by searching in Google or from any referred website. Within one year the number of visits dropped a lot; but still the number was more than 9 million, which is enough scaring for the government.

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When investigated deeply by a private organization, it is found that just a month ago, in Kerala, an Indian state people invested in a fake crypto named Morris Coin and lost more than INR.360 million, as confirmed by Enforcement Director of Indian Government.


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Though this is not the only issue. There are phishing websites and malwares that steals the crypto account details of the users and robs their investments into their account and as Indian Government still have no laws for this digital coin, users get hardly any help from the legal bodies.


So, now the Indian peoples are waiting for some concrete rule introduced by their government during the up coming budget session of the parliament.

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