High-income earners in India are being targeted by a malicious crypto scam

• A cryptocurrency scam is seemingly making its way through India and targeting wealthy people using a fraudulent mobile application. 
• These cybercriminals are mainly focusing on people with high income all across the nation with victims receiving messages through social media groups asking them to sell and buy bitcoin through said mobile app.

A cryptocurrency scam is seemingly making its way through India and targeting wealthy people using a fraudulent mobile application. According to a local news source, these cybercriminals are mainly focusing on people with high income all across the nation with victims receiving messages through social media groups asking them to sell and buy bitcoin through said mobile app.

The application acts as a crypto platform and if you didn’t guess already, it is completely fake. After a user deposits the bitcoin on the fake platform, the scammers want to respond to queries from the victim and disappear into thin air.

The founder and chief executive officer of Avalance Global Solutions, Manan Shah has said that an unidentified man lost more than $50,000 out with one of the fraudulent platforms. In fact, one of the most significant cases to come out of this was an unnamed Indian businessman who was scammed out of $3 million in the local currency.

Sumit Gupta, the co-founder and CEO of another local content platform, CoinDCX has said that he believes more fraudulent crypto services will appear as crypto based assets continue to grow throughout the nation. Even though this has been operating for several years now, the scammers have only made off with just shy of $35,000.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!