- Crypto scams via fake crypto exchanges have defrauded Indian investors of over $128 million.
- Since March, cryptocurrency transaction volumes in India have dropped by approximately 90%.
- Businesses are slashing marketing expenditure and seeking new revenue streams to tackle the global economic crisis.
As the price of cryptocurrencies worldwide continues to plummet, a new study published on June 21 asserts that fraudulent cryptocurrency exchanges have conned Indian investors out of more than $128 million.
CloudSEK, a company that specializes in cyber security, said that it has found an ongoing operation that involves many phishing domains and Android-based bogus crypto apps.
This massive effort dupes those who aren’t paying attention into participating in a massive gambling fraud. According to the research, several of these fake websites try to pass themselves off as “CoinEgg,” a genuine cryptocurrency trading platform situated in the United Kingdom.
According to Rahul Sasi, the Founder, and CEO of CloudSEK, these acts are estimated to have defrauded victims of up to $128 million via the use of similar cryptocurrency frauds.
It wasn’t too long ago that it was announced that since March, the cryptocurrency ecosystem in India has seen a reduction in transaction volumes of almost 90%. A perilous role has also been played by India’s tax policies and weak financial channels, in addition to the global headwinds that have been there.
Experts who share his perspective feel that India’s stakeholders would be on alert in the near future as a result of a reduced appetite for risk brought on by global macroeconomic turmoil.
In the meantime, businesses are cutting down on their spending on marketing and looking into other sources of income in an effort to combat the global economic disaster. This makes it even more important to regulate the cryptocurrency business in India.