Author: Jagdish Kumar, India
With Indian’ looking at cryptocurrencies as the new way of investment, there has been an increase in cryptocurrency frauds cropping up across the country.
One such case into notice, when a Chennai based women registered a case against WowCoin, under which she said that she was cheated by the directors of huge return on buying this coin.
Another such case was recently investigated which involved a high profile actress husband, Raj Kundra, which was also summoned by investigating agencies to a tune of $295 million.
Speaking to BlockAsia, a crypto expert based in Mumbai said that this will be crub as soon as the Reserve Bank of India (RBI) bring out some legislation in legalizing crypto currencies in India.
There are huge opportunity in the crypto market, subject to RBI has some law that will deter firms and individual to cheat people on giving false promises.
Let us look to few more cases, one such incident happened near Mumbai, where a ponzi scheme was busted by the Thane police involving $75 million which was run by Dr Lakhanpal Singh which promised its investors 20% returns within six months.
However, solving such case also poses a challenge to police, as perceived anonymity various alternate coins makes life difficult for police officials.
Not even, ponzi schemes, phishing and hacking is also increasing in the cryptocurrency segment. One such case is the robbing of 438 Bitcoins from Coinsecure’s Bitcoin wallet by hackers valued around $17 million.
The expert also said that investment must be done only in cryptocurrency after the RBI clear the picture on whether they are open for the virtual currencies or not.
The report of RBI will be released in the month of July 2018, so my suggestion is wait till that date.
Looking at the uncertainty, many Indian crypto exchanges have also started moving to other crypto friendly countries.
Image Credit: cryptocomes.com