Bitcoin Scams in India

As more and more people learn about crypto in India, the number of scams related to crypto are also increasing. Often scammers, mislead people making them fall into traps eventually stealing a bunch of money from their victims. Probably you have read or heard about scams related to crypto around you. Today, let’s discuss some of them and learn how these scams work and how do these scammers get away after doing such big scams with the people.

Guaranteed Returns Scam

These are the most common type of scam related to crypto in India. Scammer’s post random comments on Facebook, YouTube, Twitter, Quora etc showing someone’s name and Whatsapp number which claims that they have made money by consulting with xyz expert and you should try it too.

These scams are easy to spot as most of them have fake bot replies claiming that this works and they are now rich.

To stay safe, just ignore this type of comments and never call someone to gather knowledge about crypto. To gain knowledge about cryptocurrency, you should always go to genuine sources. Most of the top cryptocurrency exchanges have a dedicated blog to educate the customers who are new.

Always read blogs and keep yourself updated on the latest news and trends on cryptocurrency.

Telegram Scams

This is one of the most popular place of scammers. There are lot of popular cryptocurrency groups with more than 10,000 members.

Scammers target users of these groups and they keep sending messages in DM, asking if the user needs free Bitcoins or if they want to double their crypto. When someone thinks it to be a legit offer, they send crypto to these scammers and after that they block the users off.

Also, there are groups where users are specifically targeted with scam ads or betting ads. These scammers just want to rip you off and they don’t care about your money at all. So it’s better to stay away from them.

Fake Accounts

On Social Media, you will find fake support pages, fake accounts, fake employees and what not of trusted exchanges and people. Let me share an incident where I witnessed one such event.

Being a part of WazirX Warriors, my responsibility is to save people from scams. One day on the official page of WazirX on Facebook, I saw a fake name claiming to be WazirX exchange with same profile picture and asking crypto from users.

Always remember that no one would ask you to send crypto to an address for it to get doubled. These scammers have many other ways as well to rip people.

If you want to add any more points, mail your suggestions at mail@t4techblog.com. We will update them in this post to help as many people as possible.

Thanks for Reading.

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