The Rich in India Are Now New Targets of a Mobile Crypto Scam

Scammers are doing more than the normal to make sure they steal other people’s cryptocurrency.

Some crypto scammers in India have devised a fake app in a bid to steal bitcoins from rich people.

The report from India TV News states that cybercriminals have their eye on people that earn fat salaries throughout India. The criminals send message to their targets asking them to buy and sell bitcoins by using a particular mobile app.

Many of their victims were cut off from further communications with them after transferring bitcoins through the fake wallet that was originally believed by the victims to be a bitcoin exchange.

The CEO of Avalance Global Solutions, Manan Shah, confirmed this as the story of how someone was ripped off his $50,000 in the scam was told. Apart from this case, a business man based in India also lost so much bitcoins whose equivalent was $3 million.

CoinDCX’s co-founder, Sumit Gupta, said people should not be surprised about the rising trend of crypto scam. He attributed it to the increase in the number of assets being built on Blockchain technology.

In India, the police have been applauded for their role in apprehending five individuals who are believed to be among those that ensured the success of a crypto scam that operated since 2017.

Although the scam was managed for up to three years, the report says nothing was gathered except $34,200 or its equivalent, which is considered quite little considering the number of years it lived.

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