crypto related scams

The US SEC has issued a stark warning to investors, urging caution against relying on group chat advice for investment decisions, as these platforms are often breeding grounds for scams. Fraudsters impersonate experts, use AI for fake endorsements, and lure victims with fabricated profits, demanding fees for withdrawals.

Elon Musk cautioned against cryptocurrency scams on X with a viral image, highlighting scammers' use of fake profiles, often posing as attractive women, to lure victims. The post underscores that these messages, despite appearances, are frequently sent by male scammers. Musk's warning addresses the serious issue of crypto-related fraud on social media, where scammers exploit users for financial gain.

Recently, the SIT had arrested two main accused persons identified as Hemraj and Sukhdev, both residents of Mandi district, from Gir Somnath in Gujarat.

A special investigation team in Himachal Pradesh has arrested seven individuals involved in a cryptocurrency fraud case. The accused were allegedly involved in a pyramid scheme, luring victims into investing in cryptocurrencies. The team has identified the distinct roles of each individual within the criminal operation. The investigation is ongoing, with a focus on gathering evidence and tracing the money trail. The team has urged the public to exercise caution when encountering investment opportunities in the crypto space and to come forward with any relevant information.

Leading cryptocurrency exchanges such as ZebPay go the extra mile to protect their members’ crypto wallets, however, it is also incumbent on users to safeguard themselves against scams. Here’s a look at the types of scams in the cryptocurrency market and how you can protect yourself:

All of these requests pertained to inquiries which were criminal in nature. The exchange responded to them within 22 minutes, while the required time is 72 hours from the time requested .

A 53-year-old engineer from Bengaluru has recently been ensnared by a cryptocurrency scam, resulting in a financial setback of Rs 95 lakh. The swindler managed to persuade him to invest in bitcoins by guaranteeing substantial returns. A crypto scam is a fraudulent scheme designed to trick investors into parting with their cryptocurrency or personal information. Scammers employ various tactics to exploit the allure of quick gains and limited knowledge surrounding the relatively new and complex world of cryptocurrency. Here we explain what is a crypto scam and things you can do to avoid one. Pump-and-dump schemes, fake ICOs, phishing scams, Ponzi schemes, and rug pulls are some common types of crypto scams. To avoid falling victim to a crypto scam, be cautious of investments that offer high returns with little risk, be wary of projects with excessive hype and poorly written materials, and only invest through reputable exchanges or platforms.

Users can have a hard time identifying these phishing sites as they mostly imitate the URLs of legitimate websites to trick people who tend to click the first search result without checking it. For instance, in one of the fake sites shared by Zhao, a link had the word “coinomarketcaap” spelt like this.

DGP Sanjay Kundu said that SIT is closing in on the kingpins of crypto currency scams in Himachal Pradesh and is making all efforts to arrest the accused.

Scammers are misusing a feature on Elon Musk-owned X social media platform to promote scams, fake giveaways, and fraudulent Telegram channels. They exploit a mechanism that allows them to create URLs that appear legitimate. These scammers target crypto-related accounts, including those of Binance, Ethereum Foundation, zkSync, and Chainlink. The feature, previously flagged for phishing concerns by security researcher Davy Wybiral, is now being used for crypto and NFT-based scams.

The Uttar Pradesh Police's cyber crime wing has unearthed pan-India frauds to the tune of Rs 4,200 crore linked to criminals based in China, a senior official said on Friday.