Bitcoin Forum

As reported by Indian news express, 6 bitcoin fraudsters including a woman have all been arrested by the New Delhi police branch for defrauding bitcoin users in the popular bitcoin peer to peer market place, LocalBitcoins.

Numerous sim cards, eight mobile phones, jewelry items and lakhs of rupees in cash were recovered by the police .

Read More=> https://zycrypto.com/busted-6-bitcoin-looters-arrested-delhi-police/

How did they really do this fraud? For now I think this is one report is very rare in bitcoin crimes because there is not much news still about bitcoin crimes. A lot of bitcoiner for the moment are very  skeptic and tend to be watchful when it comes to scam so the crimes must be very unique and original.

There is lots of scammers out there some of the people calling some through facebook or other social media claiming some unknon coin better than bitcoin  or they are coming with some ponzy scheme in the name of bitcoin payment guys be aware about this fraudsters.

From the article:


It looks like the victim was lured into a cash exchange by a dodgy seller...the buyer probably handed over the cash and then the seller never bothered to send the bitcoin to complete the exchange, thus turning it into a fraud/scam case.

Newbies in Crypto who still noobs in terms of transaction and how the bitcoin works, That's what the fraudsters target are. If you are not aware of the scammers and Fraudsters like them, you will be one of the victim of the scam that is happening in the crypto world, At least they we're arrested by the police authority to set example and to set preventive measures for the people who wants to trade with bitcoin. Never trust anyone, do a research and transact only to those sellers and buyers who have 90% positive feedback.

Why there is so many indians scaming people for bitcoin? Already seen several threads where someone tracked doferent scamers ans most of them were indians

That must have been scary. When you think about Bitcoin thieves, you would usually think they used an elaborate social engineering scam, or planted some kind of malware or something. Either way, you'd be physically safe in your home. It looks like this man was lured into a meet up. I'm glad the report does not say anything about anyone being hurt, but there was real potential for assault there.

Here comes the ill effects of actually allowing free trade of Bitcoin in the country! Its really saddening to see scams already surfacing up, even on highly reputed sites like LBTC. Its going to be a hell of a ride for BTC in India and expect rules & regulations being imposed on Bitcoin trade in the near future. RBI will play its hand soon and we are all here in wait over their decision.

Good job with the police arrested. As a result, thieves will be reduced. That nothing is done if it does not steal money for the people who have been victimized.

If they're not asking beautiful women online to 'open bobs & show vagene' online they're scamming people. Dirty bastards ;)
Seriously though how do you even get scammed on LocalBitcoins, they use an escrow to protect both buyer & seller.

I dont like criminals of any type - doesnt matter if they are bitcoin criminals, arrest them.

could happen, because every form of evil will always exist. see from the amount of bitcoin value, everyone always wants it. because the money there is very abundant.

Good job on the guy who got scammed for going to the police. You'd be surprised to hear just how many people get away with exactly the same kind of deals from Meet-in-person / face-to-face trades, when the victims simply do nothing about it. It's somewhat a natural reaction as victims tend to feel embarrassed or even shameful, particularly when dealing with Bitcoin!

Lessons to be learnt: always request escrow on Localbitcoins. Don't let the 5% or 10% higher cash offers on F2F trades tempt you. Second lesson, always have evidence to back you up in case things go wrong.