Cryptocurrencies may be gaining steam, but a recent incident is an eye-opener to the inherent risks of investing in this largely unregulated market. This cautionary tale involves a 37-year-old Bengaluru-based IT professional who lost an alarming Rs 30 lakh after cryptocurrency scammers duped him. Unbeknownst to him, the wallet was actually a fake trading platform set up by criminals. Unaware of the incoming fraud, the victim complied with directions and ended up losing his assets valued at Rs. They employed an elaborate counterfeit website to coax Rs 30 lakh from his side into their accounts.

Source: Indian Express October 13, 2023 23:08 UTC