A Rajkot-based businessman has approached the police alleging that he was cheated of Rs. 13.71 lakh after being lured by promises of unusually high returns on a cryptocurrency investment. The complaint names three individuals, accusing them of fraud, criminal intimidation, and caste-based abuse. According to the police filing, the transaction involved the purchase of USDT… Continue reading Rajkot Crypto Investment Fraud Allegation Highlights Rising Risks in Informal Digital Asset Deals
Tag: Fraud
Former Coinbase Agent Arrested in India Following Exchange Hack Investigation
Authorities in India have arrested a former Coinbase employee in connection with a high-profile cryptocurrency exchange hack, highlighting growing concerns around internal security and regulatory oversight in the digital asset sector. The individual is accused of facilitating unauthorized access to user accounts, resulting in substantial financial losses. Coinbase has emphasized its ongoing cooperation with law… Continue reading Former Coinbase Agent Arrested in India Following Exchange Hack Investigation
ED Intensifies Crypto Fraud Probe With Raids Across 21 Locations in Multiple States
The Enforcement Directorate (ED) has carried out coordinated searches at 21 premises across several states in connection with a major cryptocurrency fraud case originating in Karnataka. The action marks a significant escalation in the investigation, aimed at tracing illicit fund flows, identifying beneficiaries, and uncovering assets linked to the alleged scam. Officials are examining digital… Continue reading ED Intensifies Crypto Fraud Probe With Raids Across 21 Locations in Multiple States
Ex-Pump.fun Developer Sentenced to Six Years for $2 Million Solana Fraud
A former developer of the now-defunct Pump.fun platform has been sentenced to six years in prison following a $2 million fraud scheme involving Solana-based digital assets. Authorities found that the individual misappropriated investor funds under the guise of legitimate cryptocurrency operations, highlighting the persistent risks of unregulated platforms in the crypto sector. The conviction underscores… Continue reading Ex-Pump.fun Developer Sentenced to Six Years for $2 Million Solana Fraud
Man Charged Following Rs.1.5 Million Cryptocurrency Theft Linked to Car Break-In
Authorities have charged a man in connection with a high-value cryptocurrency theft worth approximately Rs.1.5 million, following a targeted break-in involving a vehicle. The case underscores the growing intersection between traditional property crime and digital asset theft, as criminals increasingly exploit weak points in personal data security rather than financial institutions. Investigators allege the suspect… Continue reading Man Charged Following Rs.1.5 Million Cryptocurrency Theft Linked to Car Break-In
DRI Report Flags Crypto and Stablecoins as Emerging Tools in Drug and Gold Smuggling Networks
India’s Directorate of Revenue Intelligence (DRI) has identified a significant shift in the modus operandi of organised smuggling syndicates, with cryptocurrencies and stablecoins increasingly supplanting traditional hawala channels for moving illicit proceeds, particularly in drug and gold smuggling operations. The decentralised, pseudonymous characteristics of digital currencies facilitate rapid, cross‑border transfers that are harder to detect… Continue reading DRI Report Flags Crypto and Stablecoins as Emerging Tools in Drug and Gold Smuggling Networks
TerraUSD Creator Do Kwon Sentenced to 15 Years in Landmark Crypto Collapse Case
Do Kwon, the co-creator of the TerraUSD (UST) stablecoin, has been sentenced to 15 years in prison following one of the most catastrophic collapses in cryptocurrency history. The implosion of TerraUSD and its sister token, Luna, wiped out approximately $40 billion in market value, triggering widespread investor losses and regulatory scrutiny across the crypto sector.… Continue reading TerraUSD Creator Do Kwon Sentenced to 15 Years in Landmark Crypto Collapse Case
ED Seizes ₹4,190 Crore in Crypto-Linked Investigations as Centre Intensifies Compliance Drive
India’s enforcement agencies have stepped up their scrutiny of virtual digital asset activities, culminating in the attachment of ₹4,190 crore in several ongoing crypto-related investigations. The Enforcement Directorate (ED) has also designated an accused individual as a Fugitive Economic Offender, signaling a firmer legal stance against financial misconduct involving digital assets. Simultaneously, the Central Board… Continue reading ED Seizes ₹4,190 Crore in Crypto-Linked Investigations as Centre Intensifies Compliance Drive
Rising Online Scams Exploit Bitcoin’s Popularity, Triggering Global Security Concerns
The rapid expansion of digital finance has brought significant benefits, but it has also unleashed a new wave of online scams that exploit Bitcoin’s global appeal. Fraudsters are increasingly using the anonymity and speed of cryptocurrency transactions to deceive unsuspecting investors, promising extraordinary returns or posing as legitimate institutions. As Bitcoin becomes more widely adopted,… Continue reading Rising Online Scams Exploit Bitcoin’s Popularity, Triggering Global Security Concerns
Property Dealer Loses Rs. 55 Lakh in Sophisticated Cryptocurrency Fraud
A property dealer’s attempt to invest in digital assets turned into a costly ordeal after he was duped of Rs. 55 lakh in an elaborate cryptocurrency scam. The case highlights a growing trend in financial fraud, where scammers exploit the rising popularity of digital currencies to deceive unsuspecting investors. The victim was lured with promises… Continue reading Property Dealer Loses Rs. 55 Lakh in Sophisticated Cryptocurrency Fraud