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Posts published in “Scams”

Scam Alert: Scammer targets Bitbns user; Steals 63000 INR

A user lost 63000 INR (~900 USD) fiat, when his account was hacked by a serial scammer on an Indian Exchange. The other user, whose account was used to steal the funds had no idea even his account was hacked and lost crypto worth INR 13000. This happened with a Peer to Peer INR transaction. The exchange intervened, but too late to recover all the funds. Total amount was INR…

How this guy Almost lost 2 BTC to a Sophisticated Scam on LocalBitcoins

The current banking restrictions in India on Cryptocurrency trading combined with the lower trade volumes on exchanges have pushed people to trade on Peer-to-Peer exchanges. One such popular, high volume P2P exchange is LocalBitcoins. LocalBitcoins is one of the widely used Peer-to-Peer Bitcoin exchange in the world. It is also one of the most vulnerable platforms for users to be scammed. Despite all the security measures, people do get scammed…

Cryptojacking Alert: Over 30000 routers, Countless computers Compromised in India. But there is a Fix!

Let me start this in a very advertising fashion. Read the next few lines in the voice of a tele-marketeer. Are you experiencing slow browsing speed? Is your computer slowing down or freezing unusually? Is your computer heating up without much activity? You my friend, may be a victim of cryptojacking.  The widespread phenomenon of taking control of a computer to mine cryptocurrencies without the consent of the owner is…

Types of Crypto Scams on Telegram and How to Protect Yourself

There is a CA in our telegram group. He pointed out that CoinCrunch doesn’t publish many educational articles on securing funds, precautionary measures and avoiding scams. In other news, Bitbns shut down support on their telegram group, now Bitbns users need to open support tickets on the website for any issues they are facing. when asked why did they do it, “Too many users getting scammed”, says Prashant Singh, co-founder…

Indian Crypto Youtubers Charge between $750 to $12000 for one Video

There are many Crypto Influencers in India, making videos on youtube, reviewing ICOs, exchanges and basically providing information to their viewers. But, Youtubing regularly is a resource intense job and they get compensated well for their time and effort if a client is willing to pay them for promotion. Some Indian youtubers charge between $750 to $12000 for just one sponsored video.  Crypto Youtubers play a huge role is spreading…

What is the Alleged BJP Bitcoin Scam?

The opposition party Indian National Congress has accused the ruling party, Bhartiya Janata Party of a multi crore scam involving Bitcoin. The party has dubbed it as the ‘Mega Bitcoin Scam’. Giving details, Congress spokesperson Shaktisinh Gohil claimed that BJP used demonetisation to allow conversion of Black money to Bitcoin. He said the figure of conversion could be between 5000 and 88000 Crore Rupees. One thing that media missed to…

Coinsecure CEO on Amitabh Saxena’s Arrest and Confession

Update: Mohit Kalra, CEO of Coinsecure has now confirmed to Coin Crunch that Amitabh Saxena was arrested. The story has been updated accordingly.  On Saturday, news reports about the arrest of Amitabh Saxena, the CSO of Coinsecure exchange spread across the community. The first one to report was Times of India with headline ‘Cyber cell arrests security head of cryptocurrency firm‘. Quoting Times of India, various other channels published their version…

Three Cryptocurrencies Hacked in One week, Loss amounts to $20 Million

While the cryptocurrency world battles to be back on the side of the green, atleast three cryptocurrencies suffered a 51% attack in one week. Privacy centric coin Verge (XVG) lost coins worth $1.75 Million. Japanese Cryptocurrency Monacoin lost $90000 in a selfish mining attack. The last and the worst attack was on Bitcoin Gold (BTG) where exchanges lost BTG worth as much as $18.5 Million. Verge (XVG) Attack An attacker…

BuyBitcoin Cryptocurrency Exchange: Exit Scam or not?

Update : We have received an official response from IDFC Bank that the bank account of BuyBitcoin was closed on Customer request. The future of cryptocurrency trading in India looms under dark clouds under RBI’s Banking Ban. Banks are slowly closing their ties with the crypto exchanges in India. Something like that has happened with a new exchange BuyBitcoin, also known from their website with double domain extensions: buybitcoin.org.in (org…

Coinsecure to Begin Disbursal Process For Customers This Weekend

On April 12, 2018 one of India’s oldest Cryptocurrency exchange Coinsecure announced the loss of 438 BTC, worth 19 Crore INR at the time. Today it wil be worth 26 Crores. The exchange suspected their CSO Amitabh Saxena of siphoning the Bitcoin. 2 weeks later, Coinsecure is getting ready to disburse customer funds. Here’s a quick update on what is happening right now with Coinsecure: Disbursement of Funds In an…