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Highly Educated Indians are More Prone to Crypto Scams

Key Takeaways
  • In crypto scams, scammers lure people by promising to double money, then steal funds from their accounts.
  • According to reports, India is now the second-largest market for cryptocurrency transactions, trailing the UK, Turkey, and Russia.
  • Crypto scams have rapidly spread in India, ensnaring educated individuals and making them victims of fraudulent schemes.
10-Jan-2024 By: Gunjan Sahu
Highly Educated Indi

Victims of Crypto Scams Include Educated Indians

In India, educated individuals are increasingly falling victim to crypto scams. Currently, various types of scams have emerged, luring people into their traps through different deceitful means. While in the past, people fell prey to scams through digital transactions, scammers are now adopting a new method known as crypto scams. In crypto scams, scammers entice individuals by promising to double their money, only to later steal funds from their accounts. Most victims of crypto scams are educated, including engineers, doctors, police officers, and teachers. This issue is prevalent in several large countries, including India.

Criminal activities are on the rise through crypto in India. According to reports, India has become the second-largest market for cryptocurrency transactions after the United States, surpassing the UK, Turkey, and Russia. However, the popularity of cryptocurrency in India has also facilitated a surge in cybercrime, digital scams, terrorist financing, and money laundering.

In the current era, people aspire to make money quickly, and the desire to become rich fast makes them vulnerable to scams, making it difficult to escape once trapped. In the increasing crypto market investors should be careful while making any investments. Scammers exploit such individuals easily, and the use of crypto for scams has led to significant losses. In November 2023 alone, the crypto space suffered a loss of approximately $343 million due to crypto hacks.

Exploring Major Crypto Scams in India

Let's explore a major crypto scam in India in 2023. Crypto scams have rapidly spread in India, ensnaring educated individuals. A 60-year-old retired female employee from a private company in Mumbai invested around $30,000 in cryptocurrency through guidance but later discovered she had become a victim of a crypto scam. Additionally, Bollywood actor Govinda's name was linked to a crypto Ponzi scheme involving a massive scam of 1000 crores.

Furthermore, around 1000 police officers in India faced heavy losses after investing in crypto scams related to Korvio Coin (KRO) and DGT Coin. This crypto scam emerged as a significant event in India, causing substantial losses to many police officers. Another crypto scam victimized a businessman in Hyderabad, resulting in a loss of approximately 1.49 crores. Overall, a considerable number of educated individuals in India have fallen prey to crypto scams.

There is a need for greater awareness among educated individuals in India. With the increasing prevalence of such scams, educated individuals need to be more cautious than their less-educated counterparts. People in India should be wary of fake crypto accounts, links, or calls. Before investing in any cryptocurrency, thorough research is essential, as your security is your responsibility. Stay vigilant and cautious against such scams.

Also Read : Bitcoin ETF Approval Post Fake, SEC Account Hacked

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