The man, actress Shilpa Shetty tweeted on July 7, 2017, was going to write one of the biggest Ponzi schemes India has ever seen. Amit Bhardwaj’s Gain Bitcoin scam was discovered in his 2018 and has since been dated to $2.7 billion – cryptocurrencies. Bhardwaj carried out the scam mostly in public. His Twitter handle and his book promotions were a big part of his sales points. For many Indians, the Gain Bitcoin program was the first time they heard about Bitcoin and cryptocurrencies. Thousands of people lost their savings in this way. That’s not all. If cryptocurrency awareness is on the rise today, the traps being set are just as sophisticated. THE FAKE CRYPTO EXCHANGE The scam started with scammers creating multiple fake domains online masquerading as a legitimate UK cryptocurrency trading platform called CoinEgg. Researchers found the word “Cloud Egg” in all these domains and said that these websites were “designed to replicate the official website’s dashboard and user experience.” The scammers then created the woman’s fake social media profile to “get closer to and build friendships with potential victims.” The user is ‘gifted’ with her $100 balance and encouraged to start trading on the fake platform. Once they did, the dashboard showed that they had made an amazing profit. This encouraged victims to invest more money. HACKING ACCOUNT The scammers will freeze these accounts and stop all withdrawals. The fake her CoinEgg website allowed users to claim refunds after claiming they paid 22% of their earnings or deposits as “taxes.” If your earnings exceed $250,000, the exchange will require an additional deposit. By the time users realized they had been scammed, it was too late. That was not all. The impudent attackers then tracked these user complaints about fake exchanges on social media, posing as investigators and approaching users from other fake accounts. It can extract personal information, ID cards, etc. and use it to hack other accounts. WEBSITE SCAM In a report published last year covering the period from July 2020 to June 2021, blockchain analytics platform Chainalysis identified India as the second largest market for cryptocurrencies. The company noticed a decline in the number of visitors from fraudulent websites from India. Nevertheless, more than 200,000 people visit such sites in India every month. After joining a Telegram group called “WazirX Discuss” at the recommendation of a friend, he began receiving private messages from strangers claiming they could help him invest in cryptocurrencies.Contact the CNC intelligence to trace…
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