Crypto Scams in India - The Truth Behind the 285 Bitcoin Fraud Case

Welcome back,

Whenever I talk about the crypto market, the newcomers and scams are automatically part of my conversation. In today's blog, I am going to talk about how crypto scams are increasing day by day and why the government does not identify these scams. I still have a complaint with the government about why they do not make sure that people do not end up getting trapped in such types of scams.

Today, the scam I am going to talk about is worth 285 Bitcoin, and it was identified by Delhi and Maharashtra police after which the Enforcement Directorate finally proceeded with the investigation.

So far, based on what I was able to research, I got to know that it is a Bitcoin mining related scam where people were promised huge returns, and while they were promised huge returns, they were defrauded and nothing was given to them.

The culprits here are some famous businessmen from India. One of them is the husband of the famous Indian actress Shilpa Shetty. His name is Raj Kundra, and he has been in the spotlight for unwanted things in the past as well.

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What happened here was that the funds were hidden in obscure online wallets, and the total sum of Bitcoin that was found there was 285 Bitcoin. The Bitcoin mining was supposed to take place in Ukraine, but the project never started. It was introduced with the intention of cheating people from the very beginning.

Now let us talk about how to stay safe from these types of scams. It is actually very easy to stay safe from any type of scam in the crypto market. You just have to work on yourself. Give seven days to yourself and learn the basics about blockchain and cryptocurrencies.

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On top of that, always remember that any project with a high return promise is often a fraud, especially the projects where you invest money and buy equipment that you never see. It is just a digital equipment you buy on the screen, and you think that it is doing something for you and earning money, but it is not.

So that is what you have to ignore. Any project that comes up to you and tells you that you can mine and earn one hundred percent or fifty percent annual return, then simply do not trust them. They are there to scam you and loot your money.

Stay safe. What are your thoughts about the scams in the crypto market? Do let me know in the comments.

Thank you and happy trading everyone.

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