Indian investors have lost nearly ₹1,000 crore to fake cryptocurrency exchanges

Fake cryptocurrency exchanges have stolen Indian investors more than INR 1000 Crore as the global crypto market tanks, a new report claimed on Tuesday.

Cyber security company CloudSEK said it has uncovered an ongoing operation involving several phishing domains and Android-based fake crypto applications.

This campaign entices unwary individuals into a big gambling scam.

CloudSEK was approached by a victim who allegedly lost a 50 Lakh INR cryptocurrency scam. also other costs like deposit amount tax etc.

Rahul Sasi Founder and CEO of CloudSEK “We estimate that threat actors have defrauded victims of up to $238 million via crypto scams”

As investors shift their focus on the cryptocurrency markets, scammers and cheats turn their attention to them as well Sasi added:

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