Surge in Crypto Scam Cases
The cryptocurrency industry has seen massive growth in recent years, attracting millions of investors worldwide. However, alongside this growth, there has been a surge in crypto scam cases, raising serious concerns about safety in digital investments. From fake exchanges and Ponzi schemes to phishing attacks and rug pulls, crypto scams are becoming more sophisticated, targeting both beginners and experienced traders.
The rise in fraudulent activities highlights the urgent need for crypto scam awareness, investor protection, and safe crypto practices.
Reports show that scammers are using social media, fake websites, and deceptive advertising to trick people into investing in fraudulent projects. Many unsuspecting investors lose their funds to promises of high returns, while others fall victim to impersonation scams using well-known crypto influencers and brands. This alarming increase in crypto fraud is damaging trust in blockchain technology and slowing down mass adoption.
Here are recent reports on a surge in crypto scam cases.
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Recent Crypto Scam Development
Common Crypto Scams and How to Avoid Them
1. Crypto Task Scam in Surat (₹16.9 Lakh Lost)
According to a report from The Times of India, in Surat, a 32-year-old lawyer was defrauded of approximately ₹16.9 lakh through a “crypto task” scam facilitated via WhatsApp and the “CRYPTOGlOBE” app. Initially, scammers paid a small amount (₹3,000) to build trust, then coaxed the victim into transferring large sums across multiple accounts between May 7 and 9, 2024. Realizing the deception, she filed a complaint on September 1, and an FIR was registered soon after.
2. ₹7.4 Crore Online Fraud Against an ONGC GM
A high-profile victim—an ONGC general manager—was duped into transferring ₹7.4 crore to a fake investment portal named “Cantillon,” lured by forged SEBI documents. The scam unfolded between July 22 and August 20, 2025. The perpetrator, previously implicated in similar schemes, has been arrested, and investigations are underway to retrieve the lost funds and expose accomplices.
3. Deepfake Scam in Roorkee (₹66 Lakh Lost)
An AI-driven deepfake scam, featuring a fabricated video of Finance Minister Nirmala Sitharaman, duped a Roorkee man out of ₹66 lakh. The victim downloaded a fraudulent app via Facebook and was lured through WhatsApp and email by impersonators posing as representatives of “cryptopromarket.com.” Authorities arrested two suspects in Noida, with recovery efforts ongoing.
4. Bitcoin Scam Alert in Jefferson County (USA)
Residents of Jefferson County were warned about a scam in which fraudsters impersonate U.S. Customs officials. They claim victims are linked to drug seizures and demand fines paid via Bitcoin, pressuring them to deposit cash through crypto kiosks ploy to evacuate hard-to-trace funds. Authorities advise vigilance and affirm that real agencies never demand cryptocurrency payments. Beaumont Enterprise
5. Massive Digital Arrest Fraud in Kumaon (₹5.5 Crore Lost)
Over the past year, cybercriminals orchestrated “digital arrest” scams in the Kumaon region, misleading retired professionals into transferring ₹5.5 crore combined. Scammers impersonated law enforcement to coerce victims under the threat of arrest. A recent case involved a university vice-chancellor who lost ₹1.47 crore. Officials warn that such schemes are increasingly organized and urge reporting suspicious calls immediately.
6. Large-scale Online Fraud Racket (₹112 Crore)
UP’s Balrampur cyber cell disrupted a fraud syndicate operating through predatory gaming and loan apps. Using Telegram and WhatsApp, scammers lured victims into installing apps such as Superpay, Bropay, and Teenpatti. The fraud involved ₹112 crore, suspected to have been laundered via cryptocurrency and routed to Pakistan. Three suspects were arrested; law enforcement is tracing crypto wallets to dismantle the network further.
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Key Takeaways
- Deepfake & AI Scams are Escalating: Sophisticated impersonation tools make verification crucial before acting on any digital prompts.
- High-profile Individuals Aren’t Immune: From corporate executives to professionals, no one is safe from elaborate investment traps.
- Impersonation of Officials Remains a Staple: Fake arrests and agency threats are being used globally to force quick crypto payments.
- Digital Fraud Is Organized and Expansive: Syndicates using malicious apps and social engineering run scams that involve huge sums and cross-border funds.
- Always Verify Before You Trust: Modern scams exploit trust and authority—diligence, fact-checking, and official verification are your best defenses.
