Indian law enforcement busted a group allegedly involved in a cryptocurrency scam that amassed an estimated 1 billion rupees ($14 million).
Cryptocurrencies promise a lot of security and privacy for the users, but reality is that cryptocurrency use often creates victims of different types of scams, such as digital theft, hacking, phishing and the major cryptocurrency scam – fraud. These frauds can exist in different forms – promising, but fraudulent, ICO’s that don’t inform their investors about the risks and might not have a physical address; cryptocurrency investment platforms that vanish after gathering enough money; and fraudulent cryptocurrency exchanges that utilize multiple tactics to cheat their users. Blockchain technologies are relatively new and the hype that surrounds them poached a lot of low-skilled investors into the field. This has become such a problem that, according to the latest news on cryptocurrency fraud, Twitter has even banned ICO-ads in order to protect its users from fraudulent schemes.
- CFTC Commissioner Brian Quintenz Suggests Creation of Crypto Self-Regulatory Organization
- Tim Draper Predicts Crypto Will Rule, Only Criminals Will Use Cash in Five Years
- German Government Consults Industry About Blockchain Technology
- Iota Foundation Partners With Incubator Nova to Fund Startups Using Blockchain
- Indonesia’s Commodity Futures Regulator Releases Regulation for Crypto Futures Market