$300 Million Crypto Scam in India.

[Viscore]

This is yet another major scam that's been making the headlines recently. According to the news, this scam apparently kicked off back in 2018, probably during the crypto market's bullish phase in 2017 and early 2018. What's hard to believe is that the people behind it are only getting nabbed now, which might have something to do with the involvement of some government officials.

Authorities Are Involved
The perpetrators primarily sold investments linked to a local cryptocurrency called Korvio Coin (KRO coins). They also reportedly sold several other cryptocurrencies through fake websites. At least one of those cryptocurrencies was a rug pull, as the developers abandoned the project after receiving the investment.

Four police officers are among the most recent individuals who have been arrested.

https://www.financemagnates.com/cryptocurrency/300-million-crypto-scam-indian-authorities-arrest-8-cops/

----

I think that even when a certain country is regulating crypto, crypto education remains crucial. The truth is, it's not limited to that country; even here in the Philippines, we're dealing with a surge of crypto scams. While what happened is absolutely unacceptable, hopefully, it will teach people to stay vigilant against investment scams in the crypto world. The coin they're talking about here is KRO Coins or Korvio Coin. I checked it on CoinMarketCap and it's not listed there. So, it seems these scams mainly target Indians since it's only recognized as a local cryptocurrency.

[1714997148]

1714997148

[Fiatless]

I don't think this topic belongs here since the event is not related to Bitcoin but involves a shitcoin called Korvio Coin. The developers of this coin connived with some government officials to scam the public. This is what happens to greedy or uninformed people who are enticed by quick money or blinded by ignorance. It is also a lesson for people to do their research and invest in only reputable coins like bitcoin. It is also good to know that the investigation into the crime is ongoing and some people connected to the scam have been arrested. I feel sorry for the victims who have lost close to $300 million to this scam.

[Kelward]

Crypto scams are happening everyday, it's only the ones that hits the headlines that we're aware of, it's really that bad that scammers are coming up with new tactics everyday to defraud people of their hard earned money. Imagine how many years that it took for this particular scam in India, to see the limelight,  further imagine if the scammers tracks and identities have been cleverly hidden, then there wouldn't have been any arrests. There is need for people to be more enlightened about cryoto dealings, in order not to fall prey to this wicked predators. I see a lot of WhatsApp and telegram adverts that will entice you with bogus promises of making massive profits in a short time if you invest in some crypto coin. And you'd be surprised that people will actually ignorantly waste their money in this scams, I think that governments should be monitoring these scam adverts and arrest the criminals before they commit their evil deeds.

One time an exchange called Patricia, floated in Nigeria, it wasadvertced on TV to gain trust, and people were using their exchange to facilitate their crypto transactions, all of a sudden the exchange collapsed with people's money in it. I think till date that people have not recovered their investments in the exchange, they came out and gave some assurance, but as far as i know, that was how the matter ended. We wouldn't know whether the intention of the exchange was to accumulate people's funds and go down, a ponzi in disguise.

[batang_bitcoin]

A lot of scams is everywhere. And if this has taken for so long before they've been finally arrested, there is a potential huge ring that circulates from there. The ones arrested are just likely the rats that are being commanded by whoever is at the top of their scam chain.
And for the people that have been thinking of multiplying their money, the best thing is to keep unstoppable researches so that they won't be a victim anymore and set some signs of red flags so you can flee as early as you can.

[riantolie]

I wouldn't say that it's surprising that they are getting nabbed just now. There are tons of scam on the internet. People still don't learn how to use the internet safely, not just crypto. It should be taught, but not everyone will listen. I learned it the hard way, but I was young and didn't lose much. For others, it just might be harder.

[ultrloa]

A lot of scams is everywhere. And if this has taken for so long before they've been finally arrested, there is a potential huge ring that circulates from there. The ones arrested are just likely the rats that are being commanded by whoever is at the top of their scam chain.
And for the people that have been thinking of multiplying their money, the best thing is to keep unstoppable researches so that they won't be a victim anymore and set some signs of red flags so you can flee as early as you can.

Authorities find hard to stop this scamming operation since there are so many people doesn't learn from other people mistake that's why there's a lot of money taken by this scammers from many people in that country or even outside. That's the reason why people need to be vigilant and help theirselves to gain knowledge about those scams so that they will not fall on any to good to be true offer that they may encounter in future.

 To many same like incident happen also to many warning coming from government and to those people who experience a huge scam on their life so better from those people still thinking to invest on ponzi scheme to stop so that they would not became a new victim of those syndicates.

[Mate2237]

Don't invest in a project that you and not familiar with. When Police and key Politicians are involved in any scam then it will be hard for the financial crime agencies to persecute those scammers until new government will come and take over. And I believed this what has happened in India scam scandal. The government in 2018 was friendly to those key players of the scam so he could not nabbed them at that time but the new government has to clean the system by arresting those fraudsters.

Cryptocurrency education is most needed in everywhere now because it will help to give awareness to them and the kind of cryptocurrency investment they will involve themselves. And another thing people need to do is to check the coin in the CEX platforms first before proceeding. We thank God that they are finally arrested.

[Bureau]

Cryptocurrency education is most needed in everywhere now because it will help to give awareness to them and the kind of cryptocurrency investment they will involve themselves. And another thing people need to do is to check the coin in the CEX platforms first before proceeding. We thank God that they are finally arrested.

This scam originated from a state of India known as Himachal Pradesh. It all started because mainstream media promoted Bitcoin unknowingly when it reached a ATH of 21k. Then afterwards a lot of scam projects came into existence in many northern states of India. The RBI placed a blanket ban due to a surge in scam project. All of them claimed that they are better than Bitcoin. Due to which innocent civilians invested.money and got scammed.

To counter this ban these scammers mainly used MLM with cryptocurrency and created thier own exchange and continued scamming people. After the blanket ban was removed by the Supreme court again these scammers became active and that is why the government used it last resort by applying 30 percent tax on crypto gains. I am not sure whether it has stopped scammers as still news are coming out about such scams.

The problem is that everyone thinks crypto is way to become rich quickly and because of they greed they fall for such traps.

[batang_bitcoin]

A lot of scams is everywhere. And if this has taken for so long before they've been finally arrested, there is a potential huge ring that circulates from there. The ones arrested are just likely the rats that are being commanded by whoever is at the top of their scam chain.
And for the people that have been thinking of multiplying their money, the best thing is to keep unstoppable researches so that they won't be a victim anymore and set some signs of red flags so you can flee as early as you can.

Authorities find hard to stop this scamming operation since there are so many people doesn't learn from other people mistake that's why there's a lot of money taken by this scammers from many people in that country or even outside. That's the reason why people need to be vigilant and help theirselves to gain knowledge about those scams so that they will not fall on any to good to be true offer that they may encounter in future.

 To many same like incident happen also to many warning coming from government and to those people who experience a huge scam on their life so better from those people still thinking to invest on ponzi scheme to stop so that they would not became a new victim of those syndicates.

There's no way to stop them but they can be cracked by the authorities if they want to. Why I'd say that they won't be stop? Because they will just reproduce and the same schemes will be made.
They won't stop because they all know that there will always be the victims that they can fool and no matter how hard the authorities crack them, they will keep on re existing because of unlimited tricks they can make.

[jrrsparkles]

This is yet another major scam that's been making the headlines recently. According to the news, this scam apparently kicked off back in 2018, probably during the crypto market's bullish phase in 2017 and early 2018. What's hard to believe is that the people behind it are only getting nabbed now, which might have something to do with the involvement of some government officials.

Authorities Are Involved
The perpetrators primarily sold investments linked to a local cryptocurrency called Korvio Coin (KRO coins). They also reportedly sold several other cryptocurrencies through fake websites. At least one of those cryptocurrencies was a rug pull, as the developers abandoned the project after receiving the investment.

Four police officers are among the most recent individuals who have been arrested.

https://www.financemagnates.com/cryptocurrency/300-million-crypto-scam-indian-authorities-arrest-8-cops/

----

I think that even when a certain country is regulating crypto, crypto education remains crucial. The truth is, it's not limited to that country; even here in the Philippines, we're dealing with a surge of crypto scams. While what happened is absolutely unacceptable, hopefully, it will teach people to stay vigilant against investment scams in the crypto world. The coin they're talking about here is KRO Coins or Korvio Coin. I checked it on CoinMarketCap and it's not listed there. So, it seems these scams mainly target Indians since it's only recognized as a local cryptocurrency.

Just another news and there is no way to stop the rug-pull scams unless people are ignorant about the next big thing in crypto vanishes. I doubt that the coin even existed in the first place because in 2018 period people went crazy for shitcoins after the bullish season and that time people were looking for the next bitcoin and thousands of projects claimed to be one and shitcoin investors made tons of money too but at the end people lost more comparatively.

[electronicash]

This is yet another major scam that's been making the headlines recently. According to the news, this scam apparently kicked off back in 2018, probably during the crypto market's bullish phase in 2017 and early 2018. What's hard to believe is that the people behind it are only getting nabbed now, which might have something to do with the involvement of some government officials.

Authorities Are Involved
The perpetrators primarily sold investments linked to a local cryptocurrency called Korvio Coin (KRO coins). They also reportedly sold several other cryptocurrencies through fake websites. At least one of those cryptocurrencies was a rug pull, as the developers abandoned the project after receiving the investment.

Four police officers are among the most recent individuals who have been arrested.

https://www.financemagnates.com/cryptocurrency/300-million-crypto-scam-indian-authorities-arrest-8-cops/

----

I think that even when a certain country is regulating crypto, crypto education remains crucial. The truth is, it's not limited to that country; even here in the Philippines, we're dealing with a surge of crypto scams. While what happened is absolutely unacceptable, hopefully, it will teach people to stay vigilant against investment scams in the crypto world. The coin they're talking about here is KRO Coins or Korvio Coin. I checked it on CoinMarketCap and it's not listed there. So, it seems these scams mainly target Indians since it's only recognized as a local cryptocurrency.

Just another news and there is no way to stop the rug-pull scams unless people are ignorant about the next big thing in crypto vanishes. I doubt that the coin even existed in the first place because in 2018 period people went crazy for shitcoins after the bullish season and that time people were looking for the next bitcoin and thousands of projects claimed to be one and shitcoin investors made tons of money too but at the end people lost more comparatively.

people always want to be the first to invest to make money, in a hurry to make money and so they invest without knowing the full details. all they care is making money and not having to do something. even when all the warning signs are checked that it could be a scam because it offers too good to be true ROI.

what makes this scam controversial is that local politicians and even police officers are part of the scam. it wouldn't be surprising to learn soon that victims are afraid to speak because of these police officer's involvement.

[kentrolla]

It's really frustrating to see news scams uncovering everyday and these things goes as a blackmark on crypto domain due to which possible investors look at even genuine project with suspiciousness, these scammers are leaving a bad impression for the crypto industry though scams happens in almost every other domain. Education is very important and people have to accept the fact and lodge deep inside their mind that crypto is not a get rich quick scheme as people often fall prey for these things. What's even more shocking is the fact that authorities are involved in it just like their involvement in all the other scams. It's high time that awareness has to be spread and what more worst is, we cannot have any team to investigate any new projects because either it will become centralized in nature or else corrupt. These scams will stop only when Crypto and risks associated to it would be taught through open forum else people will just assume crypto as a scam.

[jrrsparkles]

.
.
what makes this scam controversial is that local politicians and even police officers are part of the scam. it wouldn't be surprising to learn soon that victims are afraid to speak because of these police officer's involvement.

Political involvement won't work anymore cause if there is such involvement they probably have done something to hide this also politicians keep changing every 4 or 5 years and it happened a long way back so someone in charge now wants to take revenge for something.

Anyone who found to be involved in crime should be punished that is the only way to stop such incidents in the future but we all know justice can be bought with money.

[amishmanish]

Well scams happen everywhere.

300 Million dollar is a lot of money for scammers in India but way small compared to 9 billion of the FTX scam.

Most such scams make use of the stupid MLM schemes that are a rage in Tier-2 cities in India. All this bullshit started with Amway and then a lot of these companies started popping up selling soaps and herbal supplements and all kinds of shit. This is why MLMs are considered as an acceptable form of business in India. It may be so even in other similar countries with a lot of literate but uneducated, 5G phone-wielding nincompoops (sorry!!)

This is the kind of demographic that these scammers target and easily fleece with light shows and throwing airs of importance by hosting themselves in small hotels and banquet halls. It boils my blood to feel that these people defraud so many people. In this case,, there were grown-ass cops involved too (well, even the cops in these countries of ours are like the aforementioned literate but uneducated, 5G phone-wielding nincompoops)

Hope the police can catch these scammers and hang them by their ankles till they don't make everyone whole. The fuckers have pleaded that they have lost all the money and are running lot of liabilities. I bet they are just banking on the lack of traceability and the slow Indian judiciary to bail them out.

[fullhdpixel]

I think that even when a certain country is regulating crypto, crypto education remains crucial.

Crypto education alone doesn't make someone steer clear from the scams that they may face throughout their journey, but they need to learn a few basic things that most people don't understand when it comes to cryptocurrencies and the market. The very first thing is to understand and acknowledge that cryptocurrencies are not a get-rich-quick scheme and they are not here to make everyone rich, it's a common misconception among new investors and people who have less knowledge about cryptocurrencies and the market.

Because of this mindset, people fall for scams such as websites promising high returns on investments, wallets providing high APY or even monthly returns on stacking coins and tokens, fake NFT marketplaces giving free NFTs worth very high but require gas fees to transfer the NFTs to other marketplaces. These are all common scams but new users don't know it because they have a wrong concept about cryptocurrencies in general.

[Mame89]

I think that even when a certain country is regulating crypto, crypto education remains crucial.

Crypto education alone doesn't make someone steer clear from the scams that they may face throughout their journey, but they need to learn a few basic things that most people don't understand when it comes to cryptocurrencies and the market. The very first thing is to understand and acknowledge that cryptocurrencies are not a get-rich-quick scheme and they are not here to make everyone rich, it's a common misconception among new investors and people who have less knowledge about cryptocurrencies and the market.

Because of this mindset, people fall for scams such as websites promising high returns on investments, wallets providing high APY or even monthly returns on stacking coins and tokens, fake NFT marketplaces giving free NFTs worth very high but require gas fees to transfer the NFTs to other marketplaces. These are all common scams but new users don't know it because they have a wrong concept about cryptocurrencies in general.

Yes agree. So many people who misunderstand about crypto that they cannot avoid fraud because this fraud will continue to exist at any time, and usually this fraud will look for victims who hope to be rich quickly or in other words they are greedy. Key education to avoid fraud, they should study Crypto in full, learn the basis of crypto so that they can sort Crypto that smells of fraud, because usually frauds always offer small capital can get big profits.

Which is very unfortunate from this fraud, people are even afraid to hear the word crypto, and with the emergence of crypto fraud that is only done by people like this, it is not surprising that more people are afraid In fact different, but the ones in their minds are the same.

[wheelz1200]

I don't know how and why so many people fall for this stuff.  Is it greed that just blinds people or just stupidity.  With so many scams out there why would you ever get involved with something that can easily turn scam.  I guess the easiest way to avoid this is just buying and holding bitcoin

[JeffBrad12]

its always these kind of shitcoin looking for investors offline that always scams huge amount of money, its so rampant everywhere that I think when a coin is pursuing some people into investing even in offline like this its already a redflag.
people honestly should know better not to just randomly throwing away their money but we now that there are still so many people uneducated about how crypto actually works.
sometime these scams labeling themselves crypto while not even a crypto, just scam using centralized database to store data and call it blockchain such ridiculous thing.
I hope anyone that falls victim can get their money back somehow since its not some measly amount $300 million is simply too much of a money.

[Wexnident]

~

I guess this is much more apparent since a lot of people are involved but there's usually a lot of scams out there. Heck, even simple message scams still happen (yes I still receive them to date) and I reckon some people still fall for it, kinda amazing if you really think about how they still do after all this time.
 

~

It's really just in general knowledge about investments and business stuff. Stuff that you'd actually expect schools to teach you really. Well avoiding all types of things like this can make you miss some legit ones I suppose, and legal knowledge is mostly thrown out the people most of the time so it's no wonder scams continue to happen.

[LogitechMouse]

Where did it happen? Ohhh in India? The country which is famous for scamming other people. I don't want to generalize the country as a whole, but many Indians are scammers. Well, I guess I'm watching Youtube channels who are baiting, and hacking those Indians scammers too much that I think of the whole country as scammers.

TBH, since I've seen many Youtube videos that is exposing Indian scammers, I didn't surprised that they can make a scam this huge. Government official getting involved? I'm not even surprised that they are involved TBH. Most of the government officials are corrupt, and include also the fact that they have the power. Authorities, and those who have knowledge in crypto are milking those newbies and those who are financially illiterate. Kind of sad, but that's how the world is. Some will go up, some will go down.

Overall, nothing surprising especially it's the Indians who are perpetrators in this crypto scam. I just hope that those who got scammed will learn on this mistake.