Indian Investor Loses $55,000 in Bitcoin after Sharing Credentials with Scammers
The Police in the Indian capital of Delhi have reported an ongoing investigation into an alleged bitcoin robbery case in which scammers hacked a woman’s wallet to extract 6.5 bitcoins, approx. $54,000 in current prices.
According to a local report, the Central Bureau of Investigation (CBI), India’s leading intelligence and enforcement agency, has begun an investigation into an alleged theft of bitcoins from an individual’s wallet. The investigation, led by the agency’s economic crime wing, examines the victim’s claim to have lost a total of 6.5 BTC last year.
The victim reportedly invested all her savings in a company that promised a 12% return on monthly investments in cryptocurrency, the Times of India reported. However, after a while the company started to issue returns to customers with its own cryptocurrency. While details are scant about the alleged cryptographic tokens issued, the woman asked for a return of her investments she invested after a disagreement about being paid in tokens.
In October, the victim stated that she had been contacted by the company to process the return of her funds. In order to do this, the company had requested for her registered email address and password on the company’s website. The victim, sharing her credentials, quickly discovered that her email and Bitcoin wallet had been maliciously accessed. Presumably, she used the same credentials uniformly across the platforms.
“On November 8, 2017, my Blockchain wallet which had 6.5 bitcoins was hacked, and the hackers also deleted all the data in my email address,” she told the publication.
A senior officer of the Indian criminal branch had reported an increase in cryptocurrency crimes in relation with its growing popularity and adoption in the country. According to him, “cryptocurrencies has attracted many new investors. However, cashing on its rising popularity, some scamsters are also running fraud set-ups.”
The popularity of these decentralized digital currencies have also generated an increase in its popularity among hackers and cyber criminals. While major government advocates for a unified regulation on cryptocurrencies and startups in the sector, crypto-assets are currenctly unregulated and no compensations are offered investors in cases of Fraud. Investors are advised to conduct a thorough inspection on startups before making any form of investment.
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