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Two Crypto Frauds in Hyderabad Dupe People of INR 1.21 Crores

In Hyderabad, a woman’s crypto exchange account was hacked and a man was tricked into investing in a scam.

Crypto Exchange Account Hacked

A woman from Hyderabad has been duped of INR 91 lakh by cyber fraudsters.

As reported by Telangana Today, her crypto exchange account was hacked by the perpetrators.

According to the police, the woman was into digital trading. She had an account with ‘Binance’, a cryptocurrency exchange, which was hacked. She had invested over INR 91 lakh.

“A couple of days ago, she found that someone had hacked into her account and transferred cryptocurrency equivalent to Rs 91 lakh. On a complaint, a case was booked and investigation going on,” Hyderabad Cybercrime police officials said.

Scam Investment Scheme

In another crypto scam from Hyderabad, a man was defrauded of INR 30 lakh. The victim was lured by the scammers on the pretext of investing in a cryptocurrency based business. He received a message on his phone from the conmen who asked him to invest in a business and told him to transfer some amount into a bank account.

“Believing the person, the victim transferred a small amount on different instances into a wallet. However, when he was unable to withdraw the profits, he grew suspicious and lodged a complaint,” police said. A case was booked.

It is alarming that crypto exchanges are being hacked, or people are being tricked into investing in anything. The issue of hacking hot wallets on a centralized crypto exchange can be solved by using a hard wallet or Decentralized Exchange (DEX). 

However, the fraud investment schemes can be countered only through awareness. Many people do not understand crypto; still, they invest in it. This makes them prone to manipulation by scammers.

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