Phishing Websites Hits $128M Jackpot in Indian Market

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Phishing Websites Hits $128M Jackpot in Indian Market
Credit: © Reuters.

  • Indian traders have lost around ₹1000 crores to phishing exchange sites.
  • A panel meeting is planned with the financial authorities of the nation next week.

The buying trend presently prevailing in the crypto market is welcoming to both genuine and fraudulent individuals. Cheaters and scammers are taking advantage of investors’ crypto captivity and are making profits. CloudSEK, an artificial intelligence firm has revealed a report about the scam sites and the $128 million loss investors suffered.

The development of phishing sites has increased altogether. The sites are much identical to the original sites in terms of design and URL address. Many of these false sites replicate CoinEgg, a prominent UK-based cryptocurrency platform.

The CloudSEK founder and CEO, Rahul Sasi put forward a concern stating the lack of steps that service providers can implement to prevent these malicious sites. No policies are available at present to monitor such kinds of websites. He expresses his note to increase the awareness among the public.

Rahul Sasi, CEO of CloudSEK

“In the long-term, it is imperative for the collaboration between crypto exchanges, Internet service providers (ISPs), and cybercrime cells to raise awareness and take action against threat groups”

India’s Stand on Crypto

In the last financial budget, the Indian government imposed a tax on the income earned through crypto exchanges. But the finance minister also stated that it doesn’t legalize cryptocurrency in the nation. And coming June 28, a panel of state and national finance ministers is set to meet to discuss the topic.

The sources state the meeting has been planned in two phases and the first phase is going to happen in the northern union territory of Chandigarh. The crypto advocates in the nation expect a clear outcome post this panel on the treatment of digital and crypto-assets.

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