Indian investors likely lose ₹1,000 crore to fake crypto exchanges

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Trading in cryptocurrencies is not as simple as buying and selling, the platform is currently complex with no backing from regulators. Yet, its nature is appealing and investors across the globe have taken a deep dive into this moneymaking market. And the market has been equally welcomed in India with new crypto exchanges taking birth and investors finding it seamless to trade on the platform. However, what happens when the crypto exchanges you trust your money with for trading in a cryptocurrency and managing your account, is the one to double-cross you and rob your hard-earned money. This case is a reality for many Indian investors.

Rahul Sasi, Founder & CEO of CloudSEK, brings attention to one such cryptocurrency-trading trap.

CloudSEK, which is a contextual AI company that predicts Cyber Threats even before they occur, estimates that fake crypto exchanges have defrauded victims of up to 1,000 crore.

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