A new study has found that cryptocurrency scams have totaled £800 million (Rs 67 billion) since early 2021. According to Express.co.uk, the most common type of scam is a cryptocurrency investment scam where cybercriminals defraud users with deceptive crypto investment schemes. According to the US Federal Trade Commission, Instagram is the most targeted app after Facebook and WhatsApp.
It is reported that between 2021 and 2022, more than 46,000 people were victims of cryptocurrency scams. According to the US FTC, “Investment scammers claim that they can quickly and easily generate high returns for investors, but these crypto ‘investments’ go directly into the scammers’ wallets. People report that investment websites and apps allow them to track the development of their crypto, but it is all bogus.
“US FTC officials advise people not to fall into these crypto scams. You should not trust anyone who claims to make big money through crypto. You are advised to protect your money. Do it and don’t invest in a sketchy investment plan.”
Recently, a person from Mumbai got Rs. 1.57 crore such scams were fueled. The man accused a website of luring him to invest in a cryptocurrency mining scheme. Pune, Maharashtra Police has filed a chargesheet in the court against a retired IPS officer and cyber expert. In March, the police had arrested a former IPS officer and a cyber expert in the case. According to the police, the duo deposited crores of rupees in their accounts from digital wallets and cheated the police.
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