As popularity grew, so did scams and other fraudulent practices related to crypto. According to the report from Chainalysis, in 2021, Indian users have visited many scam websites more than 9.6 million times.
Globally, cryptocurrency has attained enormous appeal. However, the rise in popularity of cryptocurrencies cannot be equated with a rise in public understanding of them. Despite the legislative framework’s ongoing uncertainty, India has been entranced by the industry.
As cryptocurrency’s popularity increased, so did the number of scams and other dishonest activities.
According to the report from Chainalysis, in 2021, Indian users have visited many scam websites more than 9.6 million times.Chainalysis is a software platform that tracks illicit activity in the sector and maintains an eye on it.
Sites like adbtc.top, coinpayu.com, dualmine.com, hackertyper.net, and coingain.app were among the most popular cryptocurrency fraud sites.
These five websites were singled out for special attention because they received about 4.6 million visits from Indian users. Recently, a large multi-crore cryptocurrency investment fraud that was circulating in Kerala, a state in India, was uncovered by the Kerala police and other intelligence services.
Multi-Crore Crypto Scam In Kerala
The details of the individuals connected to the multi-billion dollar scam have been discovered by the Kerala police with the aid of intelligence agencies. Investors were deceived by the accused scammers’ huge return on investment promises.
Potential investors were contacted by this questionable group who claimed to be affiliated with businesses in the cryptocurrency sector.
Once they had the money, they sent it through two firms that purportedly have their headquarters in Kochi. According to reports, “Richferryman” and “DealFX” defrauded the investors.
An investor reported to the Perumbavoor police and filed a complaint after suffering a loss of around Rs 25 lakh ($31,000). The entire swindle only surfaced when the police began their investigation.
A preliminary investigation was undertaken by the police, and on the basis of the results, a charge was filed against K K Vinod, 53, a native of the Keralan town of Mudavoor.
After additional investigation, the police learned that the aforementioned fraudster and his associates held these meetings at numerous sites throughout the state. By promising them extremely large yields in exchange for their investments, they persuaded investors to attend these gatherings.