- India and Australia were recently in the news due to several cryptocurrency-related scams.
- These scams come in the wake of the FBI’s cryptocurrency warning, which highlights the urgent need for a global enforcement of cryptocurrencies.
As cryptocurrencies gain popularity among investors, institutions and politicians, scams have also increased.
India cracks down on cryptocurrencies
Recently, the Directorate of Execution (ED, An Indian investigative agency raided the cities of Leh, Jammu and Sonipat on August 2, seizing Rs 10 crore and documents linked to a fraudulent cryptocurrency scheme.
The investigation revealed how unsuspecting individuals in Leh were tricked into investing in a fake cryptocurrency, “Emollient Coin,” with false promises of doubling their money in 10 months.
The scam, run by Naresh Gulia of Sonipat through Emollient Coin Ltd, was promoted across all regions.
The ED investigation, following an FIR by the Jammu and Kashmir Police under the PMLA, highlighted the current risks in the cryptocurrency landscape.
Australia joins the fight
Also, on the southern side of the globe, the Australian Federal Police (AFP), in collaboration with blockchain data platform Chainalysis, launched Operation Spincaster.
This will help combat “approval phishing” cryptocurrency scams, which have stolen more than $4 billion globally since 2021.
The operation reportedly identified more than 2,000 compromised Australian crypto wallets and investigations are underway to prevent further scams.
AFP stressed the importance of global collaboration in the fight against cybercrime.
Commenting on the same, AFP Detective Superintendent Tim Stainton, in a press release report said,
“The intelligence we have gathered together during Operation Spincaster has shed light on new tactics being used by cybercriminals in their ongoing efforts to defraud Australians.”
Chainalysis’s director of research, Phil Larratt, joined in on the controversy, saying:
“There is still much to be done in this relentless fight against scams, but proactive initiatives like Operation Spincaster, where we bring together key stakeholders from across the ecosystem as a collective, are a critical step towards disrupting the global scam epidemic.”
FBI warning about cryptocurrencies
Amid the recent recessions of Bitcoin [BTC]with prices falling below $53,000, The FBI has issued a critical warning about the rise in scam attempts targeting cryptocurrency users.
This situation highlights the persistent threat of scammers and hackers exploiting market volatility.
During sharp price fluctuations and market instability, users often become anxious and may make impulsive decisions, increasing their susceptibility to fraud and theft.
Cryptocurrency enthusiasts are not affected
Despite the rise in cryptocurrency scams, according to a report According to Boston Consulting Group (BCG) on July 22, cryptocurrency adoption will continue to grow.
According to the report, the number of cryptocurrency users is expected to reach 1 billion by 2030.
“If we use the number of cryptocurrency holders as a proxy for Web3 users and compare it to the rate of adoption of Internet users in the 1990s, the message is clear: there is a lot of growth ahead. While it is difficult to predict whether the cryptocurrency adoption trend will continue, the total number of cryptocurrency users is likely to reach 1 billion by 2030.”
This is an automatic translation of our English version.
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