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Fake cryptocurrency exchanges have duped Indian investors of more than $128 million (nearly Rs 1,000 crore) as the global crypto market tanks, a new report claimed on Tuesday. Cyber-security company CloudSEK said it has uncovered an ongoing operation involving several phishing domains and Android-based fake crypto applications. "This large-scale campaign entices unwary individuals into a huge gambling scam. Many of these bogus websites impersonate "CoinEgg", a legitimate UK-based cryptocurrency trading platform," according to the report. CloudSEK was approached by a victim who allegedly lost Rs 50 lakh ($64,000) to such a cryptocurrency scam, in addition to other costs such as deposit amount, tax, etc. "We estimate that threat actors have defrauded victims of up to $128 million (about Rs 1,000 crore) via such crypto scams," said Rahul Sasi, Founder and CEO of CloudSEK. As investors shift their focus on the cryptocurrency markets, scammers and cheats turn their attention to them as well,' Sasi added. Threat actors first create fake domains that impersonate legitimate crypto trading platforms. The sites are designed to replicate the official website's dashboard and user experience. The attackers then create a female profile on social media to approach the potential victim and establish a friendship. The profile influences the victim to invest in cryptocurrency and start trading. "The profile also shares $100-dollar credit, as a gift to a particular crypto exchange, which in this case is a duplicate of a legitimate crypto exchange," the report mentioned. The victim initially makes a significant profit, which bolsters their trust in the platform and the threat actor. After the victim seemingly makes a profit, the scammer convinces them to invest a higher amount, promising better returns. Once the victim adds their own money to the fake exchange, the threat actor freezes their account, ensuring the victim can't withdraw their investment, and disappears with the victim's money. When victims take to various platforms to complain about losing access to their accounts, the same, or new, threat actors reach out to them in the guise of investigators. "To retrieve the frozen assets, they request victims to provide confidential information such as ID cards and bank details, via email. These details are then used to perpetrate other nefarious activities," the report warned. In the long-term, it is imperative for the collaboration between crypto exchanges, Internet service providers (ISPs), and cyber crime cells to raise awareness and take action against threat groups," said Sasi. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-markets-face-a-long-road-back-after-bitcoin-plunges-below-20000-as-an-every-man-for-himself-attitude-spreads-ubs-strategist-says/articleshow/92337463.cms">Crypto markets face a long road back after bitcoin plunges below $20,000 as an 'every man for himself' attitude spreads, UBS strategist says</a>

Indian investors have lost nearly ₹1,000 crore to fake cryptocurrency exchanges

As major crypto exchanges like FTX go bankrupt amid high volatility, almost 90 per cent of <keyword id="2420795" type="General" weightage="20" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> have a low trading volume, with just 2 per cent of <keyword id="11098664" type="General" weightage="20" keywordseo="crypto-coins" source="Orion">crypto coins</keyword> having a healthy liquidity, a new study has found. There are only 153 crypto coins with high volume that are traded in many exchanges. In contrast, there are 5,886 cryptocurrencies with very low volume that are traded in a very small number of exchanges, according to the report compiled by BitStacker. This reaffirms the fact that there is unequal balance of trading volume among the thousands of cryptocurrencies and it provides a warning against speculating on crypto coins with a low liquidity, the report mentioned. "The fact that so many cryptocurrencies suffer from a low liquidity or trading volume is another reminder of how risky it can be to speculate in some of the smaller crypto coins," said Kris Lucas, a BitStacker.com analyst. "After all, there is nothing stopping an unregulated cryptocurrency exchange from creating statistics that overvalue a particular coin," he added. The researchers tracked 6,656 crypto coins, and only 2.30 per cent of these cryptocurrencies were categorized as having a good liquidity. Liquidity is a term used to refer to the trading volume of an asset. The liquidity metric used in the study aims to highlight those crypto coins that have a low daily trading volume, or those cryptocurrencies where the trades take place in a very limited number of exchanges. "Such an understanding of liquidity is useful in that it can explain more than something like market capitalization. In particular, it can help traders understand when it might be difficult to buy or sell significant quantities of any crypto coin," the report said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/how-indians-have-spent-their-money-on-swiggy-in-2022/slidelist/96285686.cms">Spending ₹75,000 on an order to buying groceries worth ₹16.6 lakh, here’s how Indians used Swiggy in 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/upcoming-electric-scooters-in-india-in-2023/articleshow/96278794.cms">From Suzuki and TVS to Hero Electric: Here are some of the top electric scooters expected to launch in 2023</a>

Only 2% of cryptocurrencies have 'healthy' liquidity, says BitStacker

<keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">Crypto</keyword>.com has admitted that it mistakenly sent over $400 million in <keyword id="15510308" type="General" weightage="20" keywordseo="Ethereum-digital-coins" source="Orion">Ethereum digital coins</keyword> to another crypto exchange called Gate.io. <keyword id="11118047" type="General" weightage="20" keywordseo="Crypto-com" source="Orion">Crypto.com</keyword> CEO Kris Marszalek said in a tweet that the company was supposed to send 320,000 cryptos to one of its offline wallets, but accidentally sent it to a "whitelisted" address belonging to the corporate account at Gate.io. "It was supposed to be a move to a new cold storage address, but was sent to a whitelisted external exchange address. We worked with Gate team and the funds were subsequently returned to our cold storage. New process and features were implemented to prevent this from reoccurring," Marszalek acknowledged. The Crypto.com CEO said the transfers that generated so much speculation on Twitter "were made over three weeks ago, on October 21 to Crypto.com's whitelisted corporate account at Gate.io." Crypto.com proceeded to withdraw the funds back to its cold wallets over the following days. "The entirety of <keyword id="695282" type="General" weightage="20" keywordseo="ETH" source="Orion">ETH</keyword> was successfully withdrawn by Crypto.com and returned to our cold storage," the company informed. In August, Crypto.com gave a customer $7.2 million instead of $68 refund, which it is yet to get back and was reported to be suing the customer in question. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/permanent-indian-residents-can-now-be-part-of-canadian-military/articleshow/95497979.cms">Permanent Indian residents can now be part of Canadian military</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/one-in-every-six-indians-has-borderline-diabetes-says-report/articleshow/95497532.cms">One in every six Indians has borderline diabetes says report</a>

Crypto.com mistakenly sends Ethereum worth $400 mn to another exchange

<ul><li>WazirX's trading volumes have sunk by over 55 % in the past week. </li><li>Estimated to have 15 million users, WazirX is India’s largest crypto exchange. </li><li><keyword id="4090915" type="General" weightage="100" keywordseo="wrx" source="Orion">WRX</keyword> crypto token nosedived from ₹23 per coin earlier this month to ₹17 on Wednesday. </li></ul>Indian cryptocurrency exchange WazirX has witnessed a sharp 50 percent drop in trading on its platform, while its WRX crypto token nosedived from ₹23 per coin earlier this month to ₹17 on Wednesday, as the row between Nischal Shetty-run crypto platform WazirX and <keyword id="14687922" type="General" weightage="20" keywordseo="changpeng-zhao-run" source="Orion">Changpeng Zhao-run</keyword> <keyword id="6359140" type="General" weightage="80" keywordseo="binance" source="Orion">Binance</keyword> continued. In the last seven days, WazirX's trading volumes have sunk by over 55 percent -- from $4.3 million on August 5 to $2 million on August 9. WazirX, which has nearly 15 million users and is India's biggest crypto exchange, is in the thick of a controversy since the <keyword id="6357808" type="General" weightage="50" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) raids at its parent company, <keyword id="12851812" type="General" weightage="80" keywordseo="zanmai-labs" source="Orion">Zanmai Labs</keyword>. The ED raids resulted in Zhao-run Binance disowning WazirX, which it apparently acquired on November 21, 2019. Zanmai Labs said in its latest statement that it has fully cooperated with the ED and WazirX is a platform co-operated by Zanmai Labs Pvt Ltd (Zanmai Labs) and Binance. "The ED appears to be investigating the transactions of certain users and Zanmai Labs has no affiliation to such users and is unaware about the purpose of their transactions," said the company. After the ED raids on Zanmai Labs, Binance first disowned WazirX, and then said that it is removing the off-chain fund transfer channel between WazirX and Binance. Zanmai Labs said that there seems to be a major misunderstanding about off-chain transactions between WazirX and Binance. "Off-chain transactions between WazirX and Binance can only be done by a user between his/her/its own account on the two platforms. Hence, KYC details are available for all off-chain transfers as well (and have been submitted to the ED when requested)," it argued. WazirX is the largest crypto exchange in India and its annual trading volume exceeded $43 billion in 2021.

Trading on Indian crypto exchange WazirX drops by over 55%, WRX token loses sheen

Beleaguered Japanese investment firm SoftBank has reportedly written off about $100 million it invested as part of its Vision Fund 2 in now <keyword id="15519454" type="General" weightage="20" keywordseo="bankrupt-crypto-exchange" source="Orion">bankrupt crypto exchange</keyword> <keyword id="2966084" type="General" weightage="20" keywordseo="ftx" source="Orion">FTX</keyword>. According to MarketWatch, the investment is now marked down to zero with SoftBank saying "it would not face a material markdown in the value of its stake". SoftBank had backed FTX after the startup raised $400 million in January, valuing it at $32 billion. SoftBank has now disclosed a $100 million venture capital investment in crypto broker FTX. Softbank CFO Yoshimitsu Goto was quoted as saying that $100 billion Vision Fund invested in FTX "as a minor stake in the company". "If any case of markdown but still that is very not material for us," Goto said during the company's second quarter (Q2) results. SoftBank has a history of pouring money in bad startups, like the $18.5 billion investment in WeWork. The Japanese VC firm also infused $500 million into digital mortgage lender better.com which laid off thousands of employees under its Indian-origin Co-founder and CEO Vishal Garg. Crypto exchange FTX has admitted that "unauthorised transactions" have drained hundreds of millions of dollars from its wallets, saying the company has moved many digital assets to a new "cold wallet custodian". FTX, which last week filed for bankruptcy in the US, did not reveal how much it lost in unauthorised transactions but reports claimed the amount could be as high as $600 million. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/retail-inflation-eases-to-6-7-in-october-from-7-4-in-september/articleshow/95512476.cms">Retail inflation eases to a 3-month low of 6.7% in October</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-settle-lower-in-volatile-trade/articleshow/95508841.cms">Markets settle lower in volatile trade</a>

SoftBank writes off about $100 million invested in bankrupt crypto exchange FTX

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You Searched For "indian crypto exchange" and got 5 results

Indian investors have lost nearly ₹1,000 crore to fake cryptocurrency exchanges

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Only 2% of cryptocurrencies have 'healthy' liquidity, says BitStacker

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Crypto.com mistakenly sends Ethereum worth $400 mn to another exchange

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Trading on Indian crypto exchange WazirX drops by over 55%, WRX token loses sheen

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SoftBank writes off about $100 million invested in bankrupt crypto exchange FTX

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