Bitcoin Forum

I just got this notification in my browser yesterday and I really surprised ED seized funds from exchanges wallets that assumed to be involved in the scam happened in 2022 got back in their possession. If I am not this is the first time I ever read something from Indian government authorities successful going after crypto scam/hacks.

ED seizes funds worth Rs 90 crore kept in Binance, ZebPay, WazirX wallets (https://www.business-standard.com/amp/markets/cryptocurrency/ed-seizes-funds-worth-rs-90-crore-kept-in-binance-zebpay-wazirx-wallets-124043000924_1.html)

This seems good because crypto scams on the rise ever since crypto came to lime light in India especially Bank account freeze because the money we recieved is involved in some kind of money laundering so this kind of actions can put an end to bank freezes?

Yeah it seems that the exchanges mentioned in the topic were only being used as mule or dummy accounts to store the stolen funds in and those are the ones that have been seized, the exchanges have nothing bad to do with it.

Indeed this is just the tip of an iceberg of the rampant crypto related scams that were happening in the country at that time. Good to see that at least some of the scammers are facing the music.

Whether this will change the bank freezes or not, not sure. The government still was way more work to do in this sector.

I always has the doubt in the system which doesn't work right all the time and if you know these arrested persons can be just proxies while the actual one maybe enjoying in somewhere else or just in India itself. I hope my doubt is wrong.

Government regulating and implementing strict laws is good but those who scam really uses the centralized exchanges, I don't think so.

Anyway this might be a good thing or really a bad thing cause when something bad happens government will just blame the entire market and will try to bring them to extinct.

Indian get easily lured by the temptations of either earning quick money or earning high interest. In most cases related to scam in India before crypto became popular earning high interest from investment has always been the popular way of scamming. Scammers started using crypto as a way getting rich quickly when Bitcoin for the very first time reached $21K. They scammed, many scammers escaped a few got caught. Now they have started converting thier bad money to crypto and keeping them safe on exchanges but they forgot these exchanges are now cooperative with the government.

It's quite unfortunate that after some of these scammers have successfully stolen from people they go over to save the asset in the crypto network. Thus, making the government to see crypto as a sure fortress for concealing illegal stolen asset due to its decentralised/anonymous nature.  Anyway it's obvious karma has started catching up with some of these persons , but what matter most is the government conception about crypto, if only they see the opportunity that lies within they can not change their attitude towards it.

A new way these scammers found out but unfortunately they delayed it and got caught. I sometimes feel Indian scammers are not that well-versed in the current surroundings. Parvati_j congratulations on ranking up and becoming a Jr. Member.

Good to see some serious action being taken against these scam apps.
At least there is a start of hunting these scammers and freezing their accounts and seizing the money.
With this, I hope the government actually pushes more towards various other scams so that these scammers do not get the free hand anymore to scam others.

Since this money is linked with a scam website, I think the action is fair! The scammers need to understand that crypto is not their safe heaven. The reputation of crypto market is not really great when it comes to illegal practices. However, when authorities take action for something criminal, that's good! I hope that no common person has lost their money due to this seizure. But this is just the tip of the iceberg. Crypto scams are on rise everywhere. It is really hard to distinguish between legal or illegal transactions.

This is just the beginning and it shows how much ED is now involved to catch hold of these scammers. In most cases, I have seen scammers used cryptocurrency to lure investors by using MLM leaders to convince investors. Those leaders at the top would make money and leave the concept whereas those who join in the lower end are the ones who lose money.

Thank you pakhitheboss, I'm very much humbled to be congratulated. I wish to be like you someday having a hero member as my rank. :)

Yes in a way this is a good initiative a there are lot of scams happening in India in tr me of crypto and though government is not crypto friendly still it has taken up measure to avoid people losing their hard earned money. But do you think this will lead to interfere more in crypto relate related affairs.

Most of these people will not be able to use crypto as a "safe haven" as they think of it to be. Because Satoshi did not have any criminal intention in their objective as far as we have understood, such attempts will eventually lead to authorities catching up and them going behind the bars.

Eventually you might see many of these past scams getting uncovered and people getting punished for the same. This is all part of the regulation that future crypto world will see, we will be old by then.