Indian investors likely lost Rs 1,000 cr to fake crypto exchanges: Report

Fake cryptocurrency exchanges have duped Indian investors of more than $128 million (nearly Rs 1,000 crore) as the global crypto market tanks, a new report claimed on Tuesday.

Cyber-security company CloudSEK said it has uncovered an ongoing operation involving several phishing domains and Android-based fake crypto applications.

“This large-scale campaign entices unwary individuals into a huge gambling scam. Many of these bogus websites impersonate “CoinEgg”, a legitimate UK-based cryptocurrency trading platform,” according to the report.

CloudSEK was approached by a victim who allegedly lost Rs 50 lakh ($64,000) to such a cryptocurrency scam, in addition to other costs such as deposit amount, tax, etc.