Indian investors lost $128 million on fake cryptocurrency exchanges.

As the price of cryptocurrencies around the world continues to fall, a new study released on June 21 says that scam cryptocurrency exchanges have taken more than $128 million from Indian investors.

CloudSEK, a cyber security company, said it found an ongoing operation that uses many phishing domains and fake crypto apps for Android.

People who aren’t paying attention are tricked into taking part in a huge gambling scam by this huge effort. According to the research, some of these fake websites try to look like “CoinEgg,” which is a real cryptocurrency trading platform in the UK.

Rahul Sasi, the founder and CEO of CloudSEK, says that similar cryptocurrency frauds like these are thought to have cost victims as much as $128 million.

Not too long ago, it was reported that since March, the number of transactions in India’s cryptocurrency ecosystem has dropped by almost 90%. Along with the problems caused by the rest of the world, India’s tax policies and weak financial channels have also made things worse.

Experts who agree with him think that India’s stakeholders will need to be on the lookout in the near future because the global macroeconomic turmoil has made people less willing to take risks.

In the meantime, businesses are spending less on marketing and looking for other ways to make money to help stop the global economic crisis. This makes it even more important for India to set rules for the business of cryptocurrencies.

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