
Crypto Crash Latest News: Bitcoin, ETH, BNB, XRP, Solana, ADA, DOZE, DOT, AVAX up 13%
Cryptocurrency scam: Between October 2021 and March 2022, more than 95 percent of the crypto-related fraud reported to WazirX was outside the blockchain ecosystem, the exchange said in a report today (May 17, 2022). Most of these scams were traditional money market scams.
According to the second edition of its biennial WazirX Transparency Report, 40 per cent of the reported frauds were Panji schemes and social engineering scams. Twenty-five percent of frauds are related to disguise and another 25 percent are phishing / airdrop scams.
The report provides an overview of the initiatives and partnerships the company has undertaken over the past 6 months to protect investors.
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The results suggest an increase in the number of account locks due to the company’s legal action compared to the last report.
Commenting on the report, Nischal Shetty, CEO and founder of WazirX, said: This is due to a lack of awareness among the users and indicates the need for large scale education and awareness programs to protect the interests of the users. “
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“We are taking proactive steps to ensure the smooth transition of our users to Web3.0, while providing a user-centric experience and data privacy,” said Aritra Sarkhel, Public Policy Director, WazirX. We are also conducting training for law enforcement agencies across the country to help them detect and track any such fraud. ”
(Crypto and other virtual digital assets are unregulated in India. Investing in them is risky. Please consult your financial advisor before investing in cryptocurrency)