Beware, Cryptocurrency Investors! Hyderabad Police Has A Warning For You

Cryptocurrency investors have been warned by Hyderabad Police on investments in Bitcoin, Ethereum, Tether and what they must not do.

With an ever-increasing number of people putting resources into the cryptocurrency of their choice, huge amounts of money are being transferred and this has attracted cyber criminals. With things turning really serious, Hyderabad Police had to step on it has warned cryptocurrency investors against transferring crypto assets to unknown wallets as this was fuelling cybercrime. Shikha Goel, Hyderabad’s Additional Commissioner of Police (Crimes and SIT), has alerted cryptocurrency investors in India to strictly refrain from transferring assets into unknown and unauthorized wallets. According to Hyderabad Police, there have been 16 cryptocurrency fraud cases where victims have collectively lost close to Rs. 3.45 crore in their greed for higher returns against investment. Not just cryptocurrencies like Bitcoin, Ethereum, Tether, Solana, and alternative coins like Polkadot, Dogecoin, Cardano, and Shiba Inu too have risen in popularity with billions of dollars being invested by investors. Bitcoin is the largest cryptocurrency of them all.
Goel at a mindfulness occasion facilitated by Hyderabad Police said that cybercrimes are especially on the ascent in India. The quantity of clients is monstrous and that additionally implies the extension for cybercrime is enormous as well. While more than 740 million individuals utilize the Internet in India, there are an incredible 100 million worldwide digital money financial backers.

Hyderabad Police Warning
During her location, Goel acknowledged that the crypto space has witnessed a sharp rise in India attracting cybercriminals to target people associated with the industry. She also informed people about how scammers ask to share cryptocurrency details and steal their money once the details are given. She warned the users to invest in cryptocurrency only through reputed and long-established players in this field.

Goel shared a video of her discussing crypto scammers targetting on Indian buyers. Recently, Chinese and Nigerian investors scamming Indian crypto investors were reported too.

Cryptocurrency scamming is extremely dangerous as virtual money can never be traced back to its original owner, once lost.

This is not the first time that Indian space has issued warnings against virtual money scams.

India is mulling over imposing regulations on the crypto space. The government has expressed concerns over cryptocurrencies to be used as a mechanism to lure investors with misleading claims and for funding tasks such as terror activities as well as money laundering.

Shikha Goel, IPS on Twitter: “Online Investment Frauds … Try not to put cash in unapproved apparently appealing plans They are generally phony and you will free your cash #BeCyberSmart