Published On: Wed, Jun 13th, 2018

India Hit with Crime Wave as Cryptocurrencies Continue to Gain Popularity

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It seems that every time a new technology emerges, so too do ne’er-do-wells seeking to exploit that technology for their own gain. Cryptocurrencies are no exception. Bitcoin’s meteoric rise last December led to a whole slew of hacks and scams being perpetrated around the world. Of late, India has been experiencing its own crypto crime wave that shows no signs of abating anytime soon.
Scams, Bamboozles, and Hoodwinks
2018 is going to be one for the record books. In the first half of this year alone, more than $2 billion has been lost to cryptocurrency exchange hacks and scams. India, in particular, seems to be experiencing a spate of crypto-related crimes.
As in most other parts of the world, the increase in popularity of cryptocurrencies in India brings with it [criminals who take advantage]. When cryptocurrencies were first taking off in the Asian subcontinent, scams were mostly limited to phishing links and key-stealing malware. Then came ransomware – malware that encrypts or otherwise locks important files on a user’s system until a ransom is paid – and mining malware.
As prices began to rise, fraudsters got more creative. Fake apps and social media accounts began …

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