Millions of Indians Visited Crypto Scam Websites: Chainalysis Report

Blockchain monitoring company Chainalysis recently published a report on crypto crimes around the world. The report revealed that millions of Indians have visited crypto scam websites over the past few years, according to livemint.com, according to the Chainalysis report. The blockchain company found that Indians visited scam cryptocurrency websites 9.6 million times in 2021, while in 2020 the number was much higher at 17.8 million. India was also ranked 2nd for cryptocurrency ownership in Finder’s Cryptocurrency Adoption Index for December 2021, but people continue to remain highly oblivious and vulnerable to the risks involved.
Other important findings revealed by Chainalysis on crypto scam websites visited by Indians include the following:
* Over the past 2 years, thousands of Indians have visited many websites running scam crypto websites.
* The top 5 fraudulent websites visited by Indian users in the last year were coinpayu.com, adbtc.top, hackertyper.net, dualmine.com and coingain.app.
* The 5 most visited crypto scam sites alone received 4.6 million visits from Indian users.
Crypto scams are primarily phishing websites created to steal users’ private information. There are also Ponzi schemes and fake investment plans. Some crypto scams are also being spread through messaging apps such as WhatsApp and Telegram, livemint.com reported. Co-founder of Indian cybersecurity company Safe Security Rahul Tyagi said that in some cases, employees of a few cryptocurrency exchanges share databases of cryptocurrency owners with cybercriminals, who use this information to launch cyberattacks using SMS or even phishing WhatsApp messages. links to takeover crypto accounts. Indian authorities have worked on several cryptocurrency scam cases.
Cryptocurrency scams have been a major concern for the Indian government. In January 2022, the Enforcement Directorate (ED), the law enforcement agency tasked with combating economic crimes in India, seized assets worth Rs 36.72 crore from an alleged scam in which investors were tricked into investing in a non-existent cryptocurrency coin Morris Mint in Kerala.
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