Crypto scams are an everyday occurrence in India, affecting both urban and rural populations. A significant increase in crypto scams during Q3 2023, per the bug bounty platform Immunefi’s report, points to an alarming trend. The Mixin hack on September 25, with attackers stealing nearly $200 million, contributed to its rise. Additionally, another report reveals that over 10 crore Indians have fallen victim to the top 15 pump-and-dump Ponzi schemes in the last three decades, resulting in an average loss of approximately 15.3 lakh per victim. Despite these risks, India stands as the second-largest crypto market globally. In light of these disconcerting statistics and contrasting trends, Dilip Chenoy, Chairman of Bharat Web3 Association, and Edul Patel, Co-founder and the CEO of Mudrex, address the vulnerability of the average Indian crypto investor, especially the 18 to 35 age group lacking knowledge and the absence of a dedicated regulator. Chenoy and Patel joined a virtual conversation moderated by Miloni Bhatt, Editor – Digital Broadcast, economictimes.com, as part of a webinar titled ‘Security Essentials for Crypto Investors’. The experts highlight the importance of awareness, responsible investment, and research to avoid scams. Chenoy observes that fraud in traditional online financial services surpasses that in the crypto space. He emphasises the need for awareness, responsible investment, and thorough research to avoid scams, addressing concerns about the perceived lack of regulation in the crypto market.In this episode of the exclusive series titled ‘ETMarkets Crypto TV’, presented by The Economic Times and powered by Mudrex, the experts delve into the nature of scams, attributing them to the classical game theory of “greed” rather than the asset class itself. Patel contends that scams are an ongoing occurrence throughout history, and regulations provide a framework that enhances credibility and investor protection, potentially reducing the probability of falling victim to fraudulent schemes. Watch the full webinar to learn about red flags in crypto investments and preventing common scams like pump-and-dump, phishing, and giveaway schemes. Whether you are a cryptocurrency enthusiast, an amateur, or a seasoned crypto investor, tune in to catch the experts discussing how to stay well-informed and safeguard your assets against the innovations of scammers.
Related Posts
Bitcoin falls over 4% in one week at $110K. Experts hint at potential dip in coming sessions
Bitcoin slipped to $110,186 on Tuesday, down 4.3% over the past week after briefly crossing $117,000 on Friday when Fed Chair Jerome Powell hinted at a possible September rate cut in his Jackson Hole address. Analysts see short-term downside risks, with further dips likely. “We view this as a healthy pullback within an ongoing bullish […]
Bitcoin steadies at $111K as stablecoin liquidity boosts confidence
Bitcoin traded around $110,900 on Wednesday, while Ethereum declined to approximately $4,330. Analysts note that BTC is holding steady after the recent drop, with stablecoin liquidity and moderate inflows indicating growing investor confidence. “Bitcoin is holding steady around $111K after recent turbulence, with stablecoin liquidity and moderate inflows signaling that investor confidence is quietly building. […]
5 Altcoins to look out for in 2024
So far, 2024 has been an eventful year for the crypto market, with the launch of Bitcoin and Ethereum ETFs taking the front seat. While there is yet to be a major spike in prices as in the 2021 crypto bull run, analysts believe this could be a possibility before the end of this year. […]
