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Days back one of the exchange in the country came up with a proposal to regulate cryptocurrencies and avoid complete ban of cryptocurrencies usage within the country. When such good news pops out people go positive on using cryptocurrency. By the same time there is a news about an exchange scamming people with more than $60 million.

More than forty people who got scammed have complained about the exchange to the Delhi police. I've never come across the exchange named Pluto. This exchange has got almost seven executives who are the team. It is a new kind of trap, because with the people who doesn't have much knowledge about cryptocurrency they've mentioned about creating their own cryptocurrency and assured of 30% - 40% return monthly. This has made more users to invest and finally ended as a trap, and the office have got relocated to Dubai closing the office in India.

Similar such incidents will be mentioned as a reason by the government when applied for regulated usage of cryptocurrencies. More Scams in the name of cryptocurrency is truly destroying the true quality of cryptocurrency and it's features. Hope the change happens soon creating positivity among common people about cryptocurrency.

Source : bitcoin.com (https://news.bitcoin.com/indian-crypto-exchange-scam)

That's a huge figure. This is one of the reasons why people are bashing Bitcoin or cryptocurrency, these frauds or scams are destroying cryptocurrency.
A lot of scammers are entering cryptocurrency because they know how decentralized cryptocurrency is and they can easily get out or disappear like a bubble after they are done scamming people and start again on something new.

Mostly these things happening in third world countries because system is very weak and justice system is also completely fail to give protection to common peoples so common peoples in greediness invest some good amount without any solid proof and search which ends in scam or lost so after this they start crying then suddenly few departments start their own investigation which mostly end in nothing as scammers out of way and losers crying which never heard by any one.

We can't really stop them because they are increasing even if the authorities are already knowledgeable with those happenings.

Scammers are using any kinds of platforms just to fool people and force them to send money to the scammer's account without even spending money. That's how easy is the money for them, they just need to spend time, think of the things where newbies can be fooled easily. Especially that cryptocurrency is so complex and technical that it requires a lot of knowledge in order for you to know how it works. Also being aware with scammers and how they move will make you become more safe to them.

Scams, thefts and crimes are out there in any domain you can think of. They don't particularly destroy the image of cryptocurrencies as it has nothing to do with their existence. The more crypto users there are, the more scams there'll be. That is a fact.

You could go right now over the Bounties area of altcoins and more than 80% of them are scams. Think of how many scam "Claim Your $1,000,000.00 Check Now!" e-mails the world receives on a daily basis and how many scammy catfishes there are on dating apps. As long as there are people to fall into these traps, there'll be scammers as well. Yet, cryptocurrencies suffer the most through regulation and are artificially turned against freedom through regulation that doesn't make sense.

There's nothing new,when it comes to scam projects offering insane profits and returns.It doesn't matter if it's a cryptocurrency or a fiat scam,they always do the same thing-promising crazy profits and stealing the money of the naive and desperate people.
Having more strict regulations can't solve this problem.Scams like this one will always exist and scammers will always find a way to get new victims.
The only solution is to educate the people about the potential risks of "investing" their money in a shady platform,which promises 40% monthly return.

People often receive such invitations to invest, and despite similar scams that have happened they continue to be trapped. It is their fault.
In our country, they have banned unlicensed fundraising. The above jobs have somewhat reduced fraud. Countries should have rules about capital mobilization.

and their target is beginners who are new to and into cryptocurrency with a large enough capital. Cryptocurrency scammers feel safer because there are no government rules regarding fraud investigations that exist in cryptocurrency and the regulations provided are also unclear, so scammers will be more free to make many fraudulent projects to get a lot of profit.
Even today, they use many methods, especially on the DEFI platform, which is a new platform and is currently hype in cryptocurrency.

This just has to be ignorance or greed from the Delhi citizens. The web is open for research and by now they should know anything promising you a certain return in the cryptocurrencies industry that's not dividends paid by project you buy shares of is a ponzi coin or scams project that shouldn't be patronized. If you're interested in investing, access the global exchanges out there and buy coins you have done your research on and stored them in your perianal wallet.

The exchanges know gullible Investors with the desire to earn without risking in the industry are raising, As a result of the extreme volatility of the market therefore many are likely to fall victims to their tricks. Don't forget the exchange has expenses too to cover so when they promise mouth watering offers you should be more skeptical and preferable avoid using such platforms.

Just because the scams are increasing doesn't mean the government regulating the industry in your country is the best option. There's more disadvantage to centralizing the industry than advantage so don't be too excited.

And also the main reason why Governments keep on creating regulations and law about cryptocurrency. Those exchanges that scammed huge amount of crypto coins making the reputation to be not that good right now.

Always remember that promising to give back huge returns like 30-50% are more likely scams. There's no easy money return, they've been hooked with those promises ended up scammed by lame exchanges. This seems to be a lesson learned to the Delhi traders/crypto enthusiasts.

There are no cryptocurrency scammers, just scammers looking for any means to swindle unsuspecting users, and to achieve this they would exploit any means available.
I also do not think scammers feel safer operating in cryptocurrencies, if discovered and investigated they can actually be prosecuted for it; the most recent of such case I can recall is - SEC Charges Film Producer, Rapper, and Others for Participation in Two Fraudulent ICOs (https://www.sec.gov/news/press-release/2020-207).
The DeFi sector is very popular now and attracting lots of newbie investors looking for a means of making quick profit, this is sure to also attract scammers.

Mainstream media links scams to vulnerabilities in cryptocurrencies which are exploited by scammers, but it's not peculiar to the industry. Far more scams are run using fiat currencies than with cryptocurrency, but it's less associated with illegal activities.

I don't know, but why even today, people tend to invest in this kind of scam. People are easily deceived and being scammed because they continue to do such thing as investing and having ROI monthly. There is no such thing as investing and having a guaranteed return without doing anything. Not only in crypto space, even in real world, people should realize it that earning money is not easy as that.

most of these individuals who got rekt from this obvious scheme are those that are hoping they can earn good money at a short period of time. sometimes i called them desperate people because they have no patience in earning money from legit sources. i am thinking that some of them know that it is a scam but still they are trying to get on it, for the hope that their fate will change.
 but unfortunately, it's not. because these scammers only care for themselves and how much they will pocket before having their disappearing act.

Yeah, the scammers will always search for the new way to trick people, especially for the new people. I wonder how they can get every new way because I think they are very creative in finding a new way. It looks like they always know how to attract and invite those people to invest in their scam projects. We still need to improve our knowledge to prevent their trick because that is the only way that we can do to avoid them.

If you stupid enough to believe people are going to give money away then you deserve to be scammed I am sorry. This doesn't make crypto look bad at all. All the crypto scams have fiat versions too.
Investments and some banks also scam people and then go under. This happens in the fiat world too. It's almost like some people think scams never existed until bitcoin.


Well firstly to being with you should never ever believe any place that says they government-approved being there is no such thing. Crypto space is the real world what are you talking about?

If the Government aren't idiots, the first thing they should do when adopting regulations against crypto would be to actually introduce to the general populace what crypto really is. If they just straight up placed regulations that are clearly against crypto, people who actually know that it isn't a scam would clearly go into a riot, and would actually show how incompetent the government is when it comes to properly looking up information (which really, a simple google lookup should be more than enough to get the gist of it).

But it does ruin the image of crypto for the general populace, especially the ignorant ones of how crypto works. Most people when they think of Bitcoin, but haven't really learned it would actually first think of it as a way to earn money, that when you're in a business related to Bitcoin, you're actually rich. Most don't even know that at its core, it's a form of a medium instead of an investment.

I agree. I've just said something similar in another post.

As for victims of scams, some of them may just be naive people so I fell sorry for them. In many other cases they are greedy people who believe they are very smart so I don't feel sorry at all and I think, like you, that they got what they deserved.

Scamming people is an addictive solution to poverty, remember that some people do this kind of thing to get by. The true problem arises when the heads of the organization becomes greedy and we all know what happens when this happens, they throw away moral just to satisfy their greed. It is sad that poverty drives people to do this thing, if government has an effective welfare to their citizen, I think scams will reduce.

Regarding new kinds of scams, we can prevent this from getting victims by spreading information about this type of scam and how they operate.

Hehehe, I think that is a kind of habit from people who are scamming other people. I see some people who will try to trick other people in real life, and they don't stop if they get caught. But what I don't understand from the government who is scamming people is why they of this. I just think how if they get scam by other people, what they will feel. Often, humans become greed if that comes to wealth and think that will relate to wealth.

It seems that in India it never runs out, the problems regarding crypto, from the government to fraud by exchange companies, crypto users in India today are very worried that problem after problem persists.

It was very bad what the exchange company (Pluto) did, by deceiving dozens of people, in a time like this in India, this is indeed a bad deed done by the Pluto exchange.

I also see, maybe they have known this Bitcointalk forum long ago from 2017, as in the topic below.

Topic: Dubai-Based Firm Launches India’s First Bitcoin Trading App (https://bitcointalk.org/index.php?topic=2663000.0)

Topic: Pluto Exchange launches India’s first bitcoin trading app (https://bitcointalk.org/index.php?topic=2662991.0)

They shouldn't be committing that scam to crypto users in India right now.
Pluto exchanges are not native to India, they are from Dubai, I hope for the future every Indian community, should review the origins of the exchange company founder before joining, to prevent fraud.

the problem is that when governments are regulating exchanges they aren't setting any laws for the exchange itself, they are in fact regulating users instead. and that is a big flaw in the law that has to be fixed soon.

in my opinion all centralized exchanges have to apply for licenses that would only be issued to those that satisfy industry standards, for example:
1. has to provide security audits performed by security experts on fixed intervals like 6 months.
2. has to have strong servers that are responsive and can handle their number of users and more to account for new users and traffic surges.
3. has to provide some collateral so that it can return a certain percentage of user's funds in case they were hacked and lost their customer's funds
4. the rest of KYC crap but only after they satisfied the first 3.
of course governments don't care about any of these, they just want KYC so that they know who owns how much bitcoin and where they keep or spend it.

if there is a good thing surely there will be a bad,this is the nature of everything most specially in online business.
This comes surely one thing,that People in your country are GREED and Selfish thinking and believing that 30-40% of profit is legit and truthful .

there is no such thing that gives 40% in a month,that is a sure 1% profit without doing nothing?how stupid people to believe this.
actually this is same strategy used by scammers all the time,promising good percent of profit while what you only do is entrust them your money.

Sometimes no matter how smart the person is, they still get to the point that they are still get fooled by the scammers. Because scammers are constantly thinking or devising new ways to deceive people so we think it is legitimate. Sadly,due to their evil deeds so the feedback of other people who are not yet familiar with crypto does not turn out well.

It is a large amount of money and bad news about the crypto market, but it cannot be said that cryptocurrencies are scams.
Even in a financial industry that uses gold and other currencies, fraud is common, people cannot because of some scams ban gold or $.
I think governments should have policies to limit scams instead of banning cryptocurrencies.

Profits up to 30 ~ 40% monthly, as long as you are a knowledgeable person you will realize this is definitely a scam project.
People who invest in such projects are inexperienced and greedy, the profits blurred their eyes and they eventually fall victim to scammers.

Even the coolest projects ever, no single project can guarantee a 30 ~ 40% monthly return.
If anyone told me about a project where the development team guarantees 30 ~ 40% return on a monthly basis, I would definitely tell them it was a scam project.

I think investing in someone else's pocket is a mistake.
I have the stress of losing my property even when I invest with my own money.
How do they give up their money ?? ???

While I agree that this is true, perhaps too much attention is given to crypto scams in comparison with fiat scams. The 'guaranteed revenue' scheme is classic, and not something crypto-specific. So it's unfair that it plunders Bitcoin's reputation but not that of USD (or other fiat). According to Statista (https://www.statista.com/statistics/1050001/money-lost-to-phone-scam-in-the-united-states/), money that is lost due to scam is measured in billions of dollars per year even solely for the US, with 10.5 billion USD given to scammers in 2019. According to WSJ (https://www.wsj.com/articles/cryptocurrency-scams-took-in-more-than-4-billion-in-2019-11581184800), crypto scams took 4 billion dollars in 2019. So all crypto scams (not just Bitcoin, but shitcoins too) around the world took less that 50% of money that fiat scams took in the US alone. At the same time, I don't see anyone running around saying that USD is shady because of this because it's not covered nearly enough by media.

This is the importance of increasing education about investing in cryptocurrency, in order to give awareness to newbies not to be easily
attracted by the large rewards offer, Moreover, an offer of 30% -40% return monthly is very clear fraud. Because a legitimate investment
might not offer that much profit. No wonder the Indian government often bans cryptocurrency, it turns out that there are so many scams
in India that use cryptocurrency.

With the said return you may start doubting because no one really gives free or something that you can earn free on the internet.
The amount offers 30-40% is quite considered as a double because it is almost 50% which is a promise returns. Another is, the name of the exchange is not well known, how we will trust them by reputation if they are newly launched with that sweet promises to the investors.

It's rally destroying in the name of the cryptocurrency, it gives totally shit but the fact only greedy and naive people who will always fall on this trap. Knowledgeable crypto enthusiasts rarely fall to this.

Government cannot totally ban bitcoin, they have no option but to regulate it.
We are in the early stage, as of the moment the market is not fully regulated yet so we can expect that it will be abused by scammers.

You know what, the biggest weapon of investors here are knowledge, without that they will be scammed, however, if there is regulation, these people will get some security and the government can also help in educating the people, so I hope as the market is getting bigger regulation will also be strengthen.

Not just in India but also in other countries, in my country the government tries to create a unit that will focus in determining online scam projects or investment schemes, I'm not sure if crypto will be included but maybe it will soon as many were easy to believe in scam projects and SEC sometimes have no says on it unless already did a scam activity, it should be check and validated from the start since some never learned and keep inve9in some easy money schemes without studying were some only use crypto as a medium to do their dirty plan.

It's really hard to believe such claims that it will give you a 30-40% return yet people still fall for this because they indeed lack awareness and education as well as their greed. People need to understand first that not all claims are real because it might just end up as a trap.

It's better for them to regulate crypto than banning it because it just shows that the recognition of crypto in India is increasing and they can make use of that as an opportunity while regulating it will help prevent scammers.

I really support the new trend for startup, most of the project are from connection with friends, exchanges, investors and institutes. Binance and other investor angels are responsible for most of the startup that acquire fund recently. This will give confidence for investments, especially for the knowledge of the team and their track record.

Exchange would really come to this kind of proposal so that their business won't shutdown and personally the suggestion isn't bad since it suggest that the country to not be hostile to cryptocurrency and at the same time implement regulations and guidelines towards cryptocurrency.  This kind of suggestion benefits both the cryptocurrency industry and the government since the government can always get taxes to legit exchanges thus, more income to the government.


Most people really never learn and always allow greed to consume their sanity.  The bolded part had been used a lot by Ponzi companies and I can't comprehend why people always fall for that scam.

How can this be possible in a decentralized system that is not regulated . The government may not be able to take care of that because these scammers are almost not present in the real world. This is a digital system, we need to be more careful.

Although the sum is high ($270,000) this seems to have been a somewhat long-term strategy as Pluto exchange was established in 2017, so this whole scheme was out there plotting their scam exit for over 3 years!!! Source here (https://coingeek.com/indias-pluto-exchange-allegedly-scams-272000-from-40-investors/).

To be fair, anywhere where an executive comes and speaks to you directly (like if they were serious they wouldn't have better things to do  :-X) convincing you to invest with up to 30% return on investment is already dodgy. I'm not saying straight out these people deserved it, as clearly they were too fixated on 'making money overnight' and you can't blame them, but the whole issue stems from them not being educated enough about crypto and the high incidence of scams.

And these unfortunate incidents, unfortunately, is what governments pick up on when allegedly 'thinks' about banning or implementing regulations. And, it is hard to prevent these types of scams from happening as these can be as illusive as the internet around the globe.

That bold text is the red flag for me.

If you are a keen investor, you should know which is which. You should have some basis into when you should invest and when you should not. 30-40% monthly?? Banks are giving way lower than that and staking some altcoins give lower than that number. Also take note how they can get the money that they will give to the investors.

When there is money involved, scams are always there. For some maybe the image of crypto is broken but if you really know how crypto works, you should know the true image of it. Crypto is just a tool used by these scammers.

Being aware will do. If you're smart in terms of cryptocurrency and scammer's schemes, you will probably keep yourself from them. If you know how they move and how they work in a certain platform, you can prevent being their victim. We can't fully eliminate those scammers because they are unavoidable, especially that they are benefiting those money that they steal easily.

Here in this forum, there are a lot of topics regarding this scams in cryptocurrency and how government reacts on it. There are threads which can briefly explain to you, what to prevent, what to avoid, and what you must learn in cryptocurrency investments and accessing social media that can be a scammer's tool to fool people.

Outside or inside of crypto frauds, scam and crimes are in anywhere. It's the governments job to fight against scammer and frauds also people should be careful themselves. Just because some fake crypto project steal people from people we can't say all of them are scammers, the scammers will usually target the beginners and newbies who don't have the enough information and in order to fight against the scam government can start educating people so they won't fall into the traps.

The problem in here is that most people are not that quite knowledgeable enough to resist the intimidating offers of those scammers. Better think of it having such numerical percentage of return on a monthly basis is already impossible. People nowadays gets easily lured or fooled by such good looking offers that makes them invest into such scam schemes. Scam victims would be lessen in different platform not just in crypto if people are knowledgeable enough about that certain thing before they get to engagement. There is really an impact on the crypto's reliability because of such scam making it hot on the eyes of government on banning crypto when at the first place the platform is not the problem but the people. There is no tolerance happening in crypto being used for scam and other related criminalities, it just so happen that the nature of man being abusive makes it the reason why scams and frauds do happen not just in crypto but as well as into other platforms. People must be educated and be knowledgeable enough not get easily fooled by any good offerings for those at first glance is already suspicious.

You are very correct, at first the government did not understand what digital/cryptocurrency is and at that the term t9 term it scam not knowing that it is the scammers individuals within the cyber space that are giving it bad name and image.

I don't agree. Crypto scams don't destroy its image. It's like saying that fiat scams destroy fiat's image.

If someone doesn't feel like having cash is dangerous after reading that someone was robbed he shouldn't feel that it's dangerous to own bitcoin after reading that somebody was scammed online.

So many people in the US fall victim to IRS scammers or fake Microsoft support from India and they keep using fiat money. It's their way of thinking that should change not crypto.

You have a good point. But sometimes it is the reason why people are afraid to buy cryptocurrency when they heard these kind of news that they think they might fall victim to it as well, so they are just playing safe. News headlines are also the main reasons why Bitcoin's image is destroyed saying "bitcoin is a scam" so people back out of buying it when they read this kind of headlines.

Scam cryptocurrency exchanges could be everywhere. Scammers have big organizations that doing these scams and we can't really stop it. These scams have a big effect in the cryptocurrency community preventing the adaptation because most of the people are afraid to try crypto because they thought that online currencies or online investment are just scams. I think the government could educate people with cryptocurrency to avoid this problem. If people have knowledge in crypto they are a low chance for them to get scam. Newbies most likely get scam because they don't have the knowledge it bitcoin or cryptocurrency and then easily get carried by a big profit that a scam investment promise.

Great example! it's just depending from how people understand it in full.

Crypto is just another venue for scammers, we can't removed the fact that those people are present to any places where money are involved. In fact there are many scamming that has been done by means of fiat than crypto, so basically it's shouldn't be affecting that much.

At this point in time Cryptocurrency and scam scenarios go hand and hand.
Nobody can deny that no matter if you are pro crypto or not.As I myself am a bitcoin maximalist and promote it any chance I get.

But it was built on the back of irreparable companies and sites such as silk road and mt.gox.
It's reputation has been tarnished and when putting bitcoin or any cryptocurrency on a pedestal these are in the back of everybodies minds when the next company or entity will come along to screw everyone over.
It had been done time and time again and just seem to get easier everytime these companies do it since they have learned from the previous iteration of the scam attempt and don't make the same mistake as they did.
Bitconnect and the clones. I think there was even a bitconnect v2 called bitconnect x or some thing like this but never bothered to follow up on it because so many have gotten burned by this ponzi scheme already and once bitten twice shy as they say.
But now these scam teams have gotten sophisticated enough to cloak these similar schemes in a blanket called DeFi.
And it seems many have gotten fooled by these very same schemers being blinded by greed. >:(

If its reputation to be pulled out of the gutter once and for all then it would need to separate itself from these ponzi schemes and scam attempts and do away with trying to gather those who are only seeing it as a means of getting rich.
Which is the main purpose why all these new customers are only getting into it.
Because they heard it from a friend inwhich they only have dollar signs in their eyes. :-[

It was easy to happen in a country like India.Because India is a very big market for the products and easy to scam by the people over thinking.Government can't control all the thing on their own,people should aware of fraud thing happening around them.You made a good thing by share this information in this forum.

Crypto is greatly affected by these scams. Some people thought bitcoin itself or crypto in general is scam due to similar incidents scamming people and left with nothing. We can lessen this from happening and it will start to ourselves by conducting a research and not greedy to earn.

Thats why its important to have knowledge in any kind of investment we're getting in not only in crypto. Scams are everywhere and if you can be easily convince then you might end up one of their victim.

Sometimes the government is unfair about the issue of crypto scams, because if the scams that occur in fiat, the government's reaction
will not be the same when the scams occur in crypto. Maybe because the government lacks knowledge about crypto, so when there is
a scams in crypto it immediately reacts quite hard. This kind of treatment makes crypto difficult to develop, even though if we look at most
of the scams that occur in the crypto world. Much of it is the fault of the users themselves, because it is easy to get attracted to reward
offers that don't make sense. It's not that investing in crypto is unsafe.

This is why the government should regulate it, imagine if the government still ban crypto currency there will be many illegal exchange. They will hide the activity form the government. Crypto currency has been known by most people know and I guess they are interested to know more it and having it. If they learn in the wrong place there will be many people who will be victim.

Then, we will compare if the government accept crypto currency at least for investment purpose. The government will select the exchange which has a good credibility so as the citizen will only use an exchange which has been regulated by the government, the risk for the crypto user being scammed is really small. Even, the government can impose taxes on registered exchanges and this can help state revenue.

People should have awareness and search for more information before they involve deeper in the crypto market. If it's about the exchanges, it is not easy to find out if that exchange will scam them because the exchange will not do something suspicious to their members, but they can not hide themselves to scam people in the long term. Only people who give trust and not searching for the update can get scams, and if that happens, many people will regret to store their coins at the exchange.

if i recall i think i have heard the name pluto before . that can be the same pluto exchange that turned unto scam but the first exchange that proposed to government are different ? if yes, govt.s should not treat all exchange the same . if exchange needs permit to the government to run , scamming should not be a problem because they have the records of those scammers  .

going back to the people that got scammed , they got fooled of the 30 to 40 percent return offer . thats not even sound legit  , if im the government i will not listen to these people .

Of course, it is very difficult for governments to influence the crypto market. However, when a project appears with a profit promise of 30 ~ 40% monthly profit, they should understand that this is a scam and should warn everyone about that project.

Scam projects and scammers are always everywhere either in cryptocurrency or fiat currency. Not only newbies get fooled with this scam strategy also those people with a desire to get more money quickly. That's why having knowledge about crypto is better and can help everyone to avoid scam projects and investment.

Everybody want to start using cryptocurrencies for investment not knowing the risk involved  in cryptocurrencies.
There are also scammer,scamming people in the areas of exchange pretending to be the real investors.
I think not everyone that is using cryptocurrency to invest are real investors some of them are scammer who heard that there is a great profit when you invest with your coins. Because they know that there are many people who want to invest their coins, so they have to form as if they are real investor too to scam those who can not differentiate the real investors.

Scammers are really strategic that's why they convince a lot of people to believe them. Well, money is very enticing to the eye of they people that want to get rich quickly and scammer use a decentralization of cryptocurrency  to make their evil plan. There is a saying "if no one cheats no cheater" .

That will surely be a case of cyber-crime since people are scammed thru the Internet and it would really be dealt with a lot of people which the government would immediately recognize. There was a big supply of money involve and its not just a single person involve but a lot of people that is scammed by at least the same establishment or platform. This would really hurt the reputation of Cryptocurrencies.

Lack of knowledge about cryptocurrency increases the number of people being a scammed using the idea of it. Since it is not regulated by the government they have all the guts to swindle money from people who have a little experience with crypto. People nowadays are easily blinded with the amount of money that they would expect to earn, thus risking their money with it. If only the government was willing to introduce crypto to its citizens and educate them about it, perhaps it may minimize individuals falling into fraudulent projects. And people will not see cryptos as a scam.

You are right. They target the new ones as well as adopt many fancy alleys. They are doing injustice anyway as there are no restraints and legislation here. We have to be very sensible or we can get caught up in them too.

When you guys talk about ban of cryptocurrencies, what do you mean? Ban means it should be prohibited, illegal and you'll be punished for owning or making transactions with it. If there isn't service provider in your country, it doesn't mean that cryptocurrency is banned, just for explanation.
And governments, first of all you have brain that should be used in real life. There are people investing in scams and then blaming government because such scam existed and they didn't abandoned it. I agree with you at some point but on another hand, don't blame others for your mistakes, that's a huge problem and disadvantage for your development in life.

Lol, what kind of scammers are they? Exposing their identity and then also having offices around in India? I mean what were they expecting after scamming people? No one would do anything? Or is the country so corrupted that open scam is a norm over there? They didn't even put any effort to hide their identity. Bunch of idiots I would say.
Promised high returns and then people invested with the hope of getting rich? Being a bit harsh over here, but they did deserve to get scammed. Since they relocated, does that mean they are now invulnerable?

So government just want to stay away from these scammers and let them to do what they want? Regulating will actually help to decrease the scams in the crypto market but many ruling people doesn't have any knowledge about it so they just use this as a tool to defend them when there is debate against them.

yeah I noticed it too, they are like overreacting every time crypto gets involve into something usual for a fiat currency like scams lol.

I don't think so, crypto isn't that complicated for the government to understand, it is just that they are too against with crypto because it bumps off with the current financial system that they built hundred years ago which they don't want to replaced due to some deep reasons.

hard time for crypto indeed, they are acting too wary of crypto yet they can't make their own.

The government making way to regulate the spread of cryptocurrency as many claims that they have heard about scamming issues. I may think this the best solution to minimize the level of scamming but somehow we don't want also to be controlled by the government as we wanted not to involve in corruption. If the regulation may not take place, we can't also think that we can stop these frauds and scamming issues.

It is absolutely normal for the state to want to regulate cryptocurrency. Otherwise it could be simple money laundering and tax evasion...

Many common people do see crypto as a negative thing, causing many losses. This of course can be reduced by continuing to spread interesting and positive news about crypto to common people. Telling success stories with crypto seems to get them interested and positive thinking.

 I don't think that the government can ever save the cryptocurrency space. Once the government gets involved, there's a high chance  that they won't just try to stop the scams but also regulate and have a power in cryptocurrency. Only us, the investors can save the crypto space by sending out good information to avoid scams. We must all be aware if a certain coin is good or not.

30%-40% returns for an investment is too big to be true, and very fishy this is exactly were greediness comes into play, I am not surprised that some people fell for it, after getting scammed, they start campaign of columny and begin to harm reputation of cryptocurrencies, thus allowing government to bring out stringent rules or impose outright ban of cryptos, Its high time people start proper orientations and obtaining all the necessary information on dos and don't of cryptos else they will continue to fall for scams.

I also think the same but it is also their fault on investing without proper knowledge of what they are really investing in.
It is only newbies who would be trap by this kind of scam because they lack of knowledge about crypto and doesn't want to spend time on knowing it properly.
The image of crypto currency has always been damage by such activity there are still some who would believe in it and continue to support it.

There is nothing new here. Greedy people believe in possibility to make profit doing nothing, and scammers cheat them.

It is a lesson for us that we should try to earn more money and be more careful in choosing trustworthy exchangers or projects.
This is bad news in my opinion where an exchanger deceives its customers, it will make a bad outlook on new people

Unfortunately, nothing will help to avoid risks, even government control, and fraudsters will be always and everywhere. But for now, the reliable way is not to store everything in one place, but unfortunately they have other methods.

It is the crypto user himself that can prevent him from fraudsters in this space. Even if there are regulations from the government, scammers have their scheme to rekt somebody else's money. Because they can't control what sites user will visit or what project they will send their money to. So in effect, the responsibility is really with the user, how he will manage his funds.

You can get coins with a 30-40% return per month. They called pos coins and just because you have more the next month doesn't mean the price will remain so. In fact most of the time it causes hyperinflation and destroys the coin. Such coins are usually just for fun and fast profits. It isn't a scam. People just need to thinh more befire investing and stop blaimg other things for the problems they create and cause themselve due to lack of knowledge and pure ignorance and often stupidity.

Speaking of cryptocurrency and those who seem to scam people out of their own money and who oppose government regulation,
As I mentioned in my last post John Mcafee is an huge advocate of cryptocurrency privacy when it comes his own creation on the subject ghost.
He was arrested just this week due to evading the us government on not paying taxes.
Funny thing is he had been avoiding being caught by stepping on us soil but was arrested in spain.
So those two countries do have ties in their government business affairs when it comes to money and finances.

Yes i read some news that other country prohibit bitcoin or any kind of cryptocurrench in their country, i didn't if this crypto threatened their economic groth or something. Here in my country they didn't announced it is scam nor prohibit this cryptocurrency but they didn't encourage people to get engaged in it due to scammers invasion may possible well i guess its because of being decentralised of cryptocurrency.

Money laundering and tax evasion shouldn't be crimes though, they are just people deciding they would rather keep their money than have the government take it.

It could possibly some sort of personal interest that makes them prohibit the wide growth of Bitcoin adoption. Tax is one reason that makes them decided to do against crypto and they like to regulate in order for them to force every crypto holder to pay their individual taxes.

And talking about scams and frauds, they can do nothing to stop them because it needs the participation of everyone and I know that we/they can't simply put action with that easier as it takes. Scammers will find their way and keep unnoticed by the authorities.

That's too bad. However, we can't really avoid this incidents to happen over crypto currencies. A lot of fraudsters nowadays who just wanted an easy money used this kind of trap to scam some people who really work hard just to earn crypto currencies. That is why the Governments in some countries are too hesitant or strongly refused bitcoin adoption and legality in their country because of this scammers who just waited the right timing to attack their victims. By then, we just need to be very keen and be more extra careful in investing our hardwork's rewards and never ever trust anyone.

I agree with because crypto been legalized in some countries doesnt affect their economy or national currency so if any government claim the scam issue or the fear crypto may negatively impact their economic was the reason they dont support it mean they are against crypto because of it decentralization strategy which their rules are contrary.
Distinctin, the government does not regulated crypto which is the reason why they spread fud but it people dont buy it and the only slightly regulation they can do is to force KYC/AML on some exchange. However, this didnt minimize scam, it only help in the government search for people and if the scammer is good in covering his track even with the KYC he won't be nab.