The number of crypto scams in India is rising along with the number of digital currency investors. According to a recent Chainalysis report, Indians visited fraudulent crypto websites 9.6 million times last year. However, this figure is far behind the 17.8 million visits recorded in 2020. This could be because of growing awareness about crypto scams in the Southern Asian country.
In the past two years, interest in digital currencies in India has surged. This is evident in the successes of crypto exchanges such as WazirX and CoinDCX – two leading platforms. In fact, WazirX launched it’s NFT platform in March 2021 shortly before Binance acquired it a month later. However, parallel to these crypto milestones, India’s authorities are constantly waging war against several scam operation rings. These fraudulent crypto vices are also gunning for high-profile and prominent individuals in India. For example, the Prime Minister of India Narendra Modi saw his Twitter account hacked and used by the attackers to post fraudulent BTC tweets.
India has considered an outright crypto ban but is yet to officially pass a mandate. The nation’s youth are enthusiastic about crypto, and majorly responsible for its growth in investments, according to reports.
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