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| Cyber fraud |
Digital assets investors in India lose thousands of dollars in new scam
One guy has been detained by Thane police on suspicion of defrauding approximately 1,500 investors of their hard-earned money through an investment scheme. The scheme's creator, Ritesh Panchal, who goes by the nickname Ritesh Sikalgir, allegedly promises bogus profits on investments in digital assets.
The victims of the scam were dissatisfied when their money vanished since they had been led to believe that the suspect's Magic 3x racket would quadruple their investments within a year. According to local media sources, law police responded to a complaint made by 24 investors who lost about $10,000 in total.
Initial investigations revealed that Panchal used several names, such as Magic 3x and SMP, to entice fresh investors. Panchal used accounts in four separate Mumbai banks, where he kept the earnings from his operations.
Given the significant sums of virtual currencies they contain, Tom Robinson, the co-founder of Elliptic, said that "blockchain bridges have become low hanging fruit for hackers."
Watch: Sentinel Node: Blockchain Tools to Improve Cybersecurity, a talk from the BSV Global Blockchain Convention.
Watch: Sentinel Node: Blockchain Tools to Improve Cybersecurity, a talk from the BSV Global Blockchain Convention.