Tuesday, March 2, 2021
Only Bitcoin Market News
Advertisement
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos
Only Bitcoin Market News
No Result
View All Result

Bitcoin-crazy rich Indians falling prey to fake crypto wallets

7 months ago
in Bitcoin
2 min read
Bitcoin-crazy rich Indians falling prey to fake crypto wallets
Share on FacebookShare on Twitter


bitcoin, btc, bitcoin wallets, online wallets, latest tech news
Image Source : PIXABAY

Bitcoin-crazy rich Indians falling prey to fake crypto wallets.

With the Supreme Court striking down the curb on cryptocurrency trade in India in March this year, there has been a surge in Indians investing in Bitcoin and with this, cybercriminals have started mobile-based fake Blockchain-based crypto wallets to lure and con the rich and the wealthy in the country. These Blockchain-based wallets offer handsome discounts, before conning people of their hard-earned Bitcoin/cash and then going incommunicado, according to industry watchers.

Related articles

BTC Balance Sheets: 42 Companies Hold 1.3 Million Bitcoin Worth More Than $65 Billion

BTC Balance Sheets: 42 Companies Hold 1.3 Million Bitcoin Worth More Than $65 Billion

March 2, 2021
Bitcoin news:  Bitcoin is at a ‘tipping point,’ Citi says – Times of India

Bitcoin news: Bitcoin is at a ‘tipping point,’ Citi says – Times of India

March 1, 2021

“I have seen so many wealthy Indian falling into the trap of such fake cryptocurrency wallets in the recent past. One gentleman just came to me who lost $50,000 (over Rs 37 lakh) while dealing with one such fake platform,” Manan Shah, Founder and CEO, Avalance Global Solutions, told IANS.

One Indian businessman lost a whopping Rs 28 crore in such crypto wallet scam, Shah informed. A single Bitcoin currently costs $11,000 (over Rs 8 lakh) and Indians are now investing in crores aiming for higher returns.

The modus operandi of such fake wallets is simple. They target people via sending them messages on various social media groups, asking them to sell and buy Bitcoin via their apps.

The scamsters trick them to buy and sell Bitcoin via wallets and offer them trade opportunities with other app users across the world. Once they receive Bitcoin into their systems, they disappear and stop communication altogether.

Most of these transactions are happening via Swift Global Pay (SGP), Insta Global Pay (IGP) and International Global Pay wallets, informed Shah. Go to the popular question-and-answer website Quora and you will know more about SGP.

“I do not see any genuinity in this wallet. I purchased virtual cards by paying Rs 3.70 kakh on SGP. It was delivered online on 15th July. Till now it is not accepted anywhere online. SGP site chat no response,” posted a user that goes with the name Kumar Chvks, Managing Director with an Indian firm.

“Email no response. So only the figures are shown on Dashboard. I tried to withdraw my money in the BTC PayPal and bank. None came till now. It is clear cheating. Expected to be a scam of 7000 Cr to my estimation,” he further posted.

According to Sumit Gupta, Co-founder and CEO, CoinDCX which is India’s largest and safest cryptocurrency exchange, as Bitcoin and other cryptocurrencies continue to mature and increase in popularity, they expect more cryptocurrency scam apps to appear and other fraudulent activities emerging.

“Scammers and hackers are getting more sophisticated in their techniques. When installing apps, it is important to stick to some basic security principles, especially when virtual currencies are at stake,a Gupta told IANS.

The global cryptocurrency market was valued at $856.36 billion in 2018 and is projected to display a robust growth represented by a CAGR of 11.9 per cent during 2019-2024.

According to Gupta, users should only trust…



Read more:Bitcoin-crazy rich Indians falling prey to fake crypto wallets

Tags: Bitcoinbitcoin news todayBitcoin walletsBitcoincrazyBTCCryptoFakefallingIndianslatest tech newsonline walletspreyrichWallets

Related Posts

BTC Balance Sheets: 42 Companies Hold 1.3 Million Bitcoin Worth More Than $65 Billion

BTC Balance Sheets: 42 Companies Hold 1.3 Million Bitcoin Worth More Than $65 Billion

by Bitcoin Market
March 2, 2021
0

Since the company Microstrategy shifted a lot of its treasury reserves into bitcoin, a great number of companies have...

Bitcoin news:  Bitcoin is at a ‘tipping point,’ Citi says – Times of India

Bitcoin news: Bitcoin is at a ‘tipping point,’ Citi says – Times of India

by Bitcoin Market
March 1, 2021
0

LONDON: Bitcoin is at a "tipping point" and could either become the preferred currency for international trade or face...

Tether Allegedly Received Ransom Note Demanding 500 BTC – CoinDesk

Tether Allegedly Received Ransom Note Demanding 500 BTC – CoinDesk

by Bitcoin Market
March 1, 2021
0

Tether, the issuer of the USDT stablecoin, claims to have received a ransom note asking for 500 bitcoin (currently...

JPMorgan Says Investors Can Put 1% of Their Portfolios in Bitcoin Despite Calling It

JPMorgan Says Investors Can Put 1% of Their Portfolios in Bitcoin Despite Calling It

by Bitcoin Market
February 28, 2021
0

After saying that cryptocurrencies “rank as the poorest hedge for major drawdowns in equities, with questionable diversification benefits,” JPMorgan...

The $282 Million Awakenings: 120 Bitcoin Block Rewards from 2010 and 2011 Woke Up

The $282 Million Awakenings: 120 Bitcoin Block Rewards from 2010 and 2011 Woke Up

by Bitcoin Market
February 28, 2021
0

On February 25, onchain analysts noticed two 2010 block rewards that were transferred after sitting dormant for over a...

Load More

Trend Now

  • Trending
  • Comments
  • Latest
Crypto-Powered Social Media Platform Voice Planning Launch for July 4 | CryptoGlobe

Crypto-Powered Social Media Platform Voice Planning Launch for July 4 | CryptoGlobe

June 8, 2020
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

May 19, 2020
Argo Blockchain boosts mining margins in July

Argo Blockchain boosts mining margins in July

August 5, 2020
Institutional investors see Bitcoin holding US$50,000 suggests ETP provider

Institutional investors see Bitcoin holding US$50,000 suggests ETP provider

February 18, 2021
Bitcoin boom backstopped by central banks’ easy-money policies

Bitcoin boom backstopped by central banks’ easy-money policies

February 4, 2021
5 Cryptocurrency Staking Providers – A Review | Hacker Noon

5 Cryptocurrency Staking Providers – A Review | Hacker Noon

January 30, 2021
Bitcoin’s value falls by over 10% after hitting all-time high

Bitcoin’s value falls by over 10% after hitting all-time high

0
Bitcoin daily chart alert – Bullish chart pattern develops – May 19

Bitcoin daily chart alert – Bullish chart pattern develops – May 19

0
Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

0
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

0
Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

0
Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

0
Bitcoin’s value falls by over 10% after hitting all-time high

Bitcoin’s value falls by over 10% after hitting all-time high

March 2, 2021
Legendary investor Jim Rogers warns of ‘bubble stocks,’ predicts a gold-and-silver

Legendary investor Jim Rogers warns of ‘bubble stocks,’ predicts a gold-and-silver

March 2, 2021
Bitcoin volatility rocks market for graphics cards in China

Bitcoin volatility rocks market for graphics cards in China

March 2, 2021
En route to $200K? Bitcoin closed February 26% above Stock-to-Flow model price

En route to $200K? Bitcoin closed February 26% above Stock-to-Flow model price

March 2, 2021
Cryptocurrency This Week: Weighing The Impact Of A Potential Ban, How To Tax Crypto &

Cryptocurrency This Week: Weighing The Impact Of A Potential Ban, How To Tax Crypto &

March 2, 2021
NIO, Zoom Video, Bitcoin, Target and Kohl’s – 5 Things You Must Know Tuesday

NIO, Zoom Video, Bitcoin, Target and Kohl’s – 5 Things You Must Know Tuesday

March 2, 2021
  • Contact Us
  • Terms of Use
  • Cookie Privacy Policy
  • Privacy Policy
  • DMCA

© 2020 MarketForBitcoin.com

No Result
View All Result
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos

© 2020 MarketForBitcoin.com

  • bitcoinBitcoin(BTC)$47,847.00-2.03%
  • bitcoin-cashBitcoin Cash(BCH)$517.735.73%
  • binance-coinBinance Coin(BNB)$235.23-5.45%
  • bitcoin-goldBitcoin Gold(BTG)$26.552.28%
  • bitcoin-privateBitcoin Private(BTCP)$0.50113.08%
  • blocktixBlocktix(TIX)$0.0200.00%