The staggering rise in bitcoin prices this year has attracted many newcomers into the cryptocurrency space, but many of them just want to make a quick money and don't want to know more about the areas they are exposed to. This situation naturally attracts criminals to use cryptocurrencies to engage in illegal activities. A recent example is that India has smashed a bitcoin fraud gang. The local Bitcoin fraud gang, the Uttar Pradesh Special Police Force (STF), announced that it has recently smashed a criminal gang targeting locals interested in trading Bitcoin. The accused criminals used the Localbitcoins service to find victims, offer them discounts at current prices, and induce them to send legal currency, but not to deliver bitcoin. The police said they received multiple reports of the same type of crime, which was what prompted them to take action to smash the criminal gang.
Supervisor Steveni Singh, head of the STF network department, said: "Some websites can buy and sell cryptocurrencies. The criminals will lure traders to buy bitcoin at a lower price, and sometimes even transfer some bitcoin to the trader's account. Come to win their trust.†Singh added: “After that, when the trader asks for a larger amount of bitcoin, the fraudster will transfer the fraudulent fiat money into the bank account they opened in a forged identity. The money was then extracted from the bank account and then disappeared.†Unexpected consequences Although the police took action to protect Bitcoin investors in this situation, the continued occurrence of such cases in India is likely to be caused by the authorities. of. This is because the country's bitcoin exchange is currently facing a threat of severe government crackdowns, and government agencies will investigate the records of these exchanges, which may help "high net worth" people avoid tax.
According to the volume of transactions, the demand for bitcoin in India is booming and people will even use it as a wedding gift. If legitimate online exchanges are overburdened by heavy regulatory rules, or are not allowed to operate freely (which is what some people fear may happen), then offline trading will certainly fill this gap.
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