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Meghna Das Chowdhury
Jan 20, 2022
by Meghna Das Chowdhury

Crypto Scam Websites Remain A Major Concern As Crypto Wave Engulfs India

Crypto Scam Websites
This year has seen a surge in cryptocurrency investment all around the world, and India was no exception. According to recent research, the world's second-most populous country is poised to be a major player in the global crypto market. Coinstore's daily traded volume has increased dramatically since it began active operations in June 2021, increasing from $10,000 to $40 million per day. Asian and African countries, which account for over 70% of the market, have seen rapid expansion.

But this development came with an even greater price last year. According to statistics from blockchain analytics firm Chainalysis, Indians have visited bogus crypto websites in droves in recent years. Last year, Indians visited crypto scam websites 9.6 million times. The figure was substantially greater in 2020 when Indian users visited crypto scam websites 17.8 million times.

Coinpayu.com, adbtc.top, hackertyper.net, dualmine.com, and coingain.app were the top cryptocurrency scam websites frequented by Indians in the past year, according to Chainalysis.

Enforcement Directorate confiscate assets worth about $5 million 

Several Bitcoin scam instances have been investigated by Indian authorities. The country's Enforcement Directorate (ED) confiscated assets worth $5 million earlier this month in connection with an alleged cryptocurrency scam using Morris Coin.

Scams using cryptocurrency are a top priority for regulators around the world. Crypto frauds are at the top of the North American Securities Administrators Association's (NASAA) "annual list of top investor concerns," according to the organization. Furthermore, the US Federal Trade Commission (FTC) recently issued a warning to customers concerning Bitcoin ATM scams.

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Crypto Scam Websites Remain A Major Concern As Crypto Wave Engulfs India
Meghna Das Chowdhury
Meghna is a graduate of the Indian Institute of Journalism & New Media specializing in Print Journalism. She is currently working as a content writer for Agio Support Solutions Pvt. Ltd. She aims to provide quality content and strategy in the field of cryptocurrency and work with digital marketing platforms to deliver brand-specific strategies.