Cryptocurrency scams keep on evolving with fraudsters deceiving millions of investors with their witty and persuasive tone.
Some of the biggest crypto scams in India are mentioned here.
The GainBitcoin Ponzi scheme happened in the year 2018. Businessman Amit Bharadwaj defrauded 8,000 users with a marketing scam while manipulating them to exchange bitcoins at promised high returns.
The Morris Coin scam occurred in the year 2022. 900 investors fell victim to a website, involving a counterfeit crypto named Morris Coin. Investors participated in the initial offering of the fraudulent cryptocurrency.
The Karnataka Bitcoin scandal took place in 2021. It encompasses the specialized investigative unit of the Central Crime Branch in Karnataka, confiscating 31 bitcoins valued at INR 9 crore.
The OneCoin scam was operated by Dr Ruja Ignatova. She, along with her husband created packages for financial education that people for at different membership levels.
The Bitconnect scam involved billions of dollars, where a scammer founder Satish Kambhani suggested investors buy Bitconnect bitcoin, promising high returns.
The Bitpetite scam involved an exchange platform named Bitpetite, which got users to invest for daily returns.
The Thodex scam occurred in 2021. It was found by Faruk Fatih Ozer in 2017, when he got investors to use his exchange for $ 2.2 billion, promising a free Dogecoin.