India’s first cryptocurrency scam has busted out which is worth $2 million. The scam was operated through several crypto Ponzi schemes and six accused have been arrested so far. Traders in India are still fighting against the ban enforced by the Reserve Bank of India. The fate of cryptocurrency still remains unclear despite the fact that there are so many people are already involved in this domain.
According to Bitcoin Exchange Guide, the fake company declared to begin its own cryptocurrency in the form of token. The fraud was caught when one of the investors filed a complaint against them. The scam was planned in a form of Ponzi scheme, which is a kind of investment wherein a fraud done in the form of payment between the participants.
Indeed the scam has come out on a bad note which will affect the reputation of Indian crypto market which is in the beginning stage. Perhaps, many potential investors from other countries may opt out after this incident.
How Was The Cryptocurrency Scam Operated?
In one of another scam which busted out in Surat came out in which fake and useless virtual currency was issued. This was done through a fake website named www.ncrcoin.org and www.ncrcoin.com. As of now none of the websites is active and is scrutinized by the cyber team. There was an alleged investment of over $2 million USD by 30 individuals. The company assured the investors to increase their investments and return them after a given period. Mr. Rohit Kapopara, the owner of NCR Coin LLP made excuses for not paying them back. The case was then reported to a fraudulent case inspector L.B. Dabhi
Cryptocurrency market is pretty unstable and volatile at the moment. There are many countries in the world where it has been legally accepted but with safety concerns.
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