Cyber criminals go digital, lay bitcoin trap for investors

As more and more investors take to digital currencies like bitcoin, leading to a sharp rise in their prices postdemonetisation, cyber criminals are also exploring innovative ways to pick virtual wallets.

Last week, a Delhi-based businessman lost Rs8.5 lakh to an alleged ‘bitcoin miner’, the term used for an agent who generates digital currency, who promised him 10 bitcoins with an assurance that the investment will rise twofold within next six months. The businessman chose not to file a complaint with police as digital currencies are not recognised by the RBI, even though there are varied views on its transactional legality.

“Cases of fraud related to bitcoins are becoming more frequent,” a senior crime branch officer told Mail Today. This is partly because many global companies have started accepting digital currency. “This has attracted many new investors. However, cashing on its rising popularity, some scamsters are also running fraud set-ups,” said the officer, requesting anonymity.

“After demonetisation in November 2016, demands of bitcoins have gone up in the country and what gold was to the previous generation, bitcoin is to today’s tech-savvy investor,” he said, adding that it will be a big nuisance to crack such case as these currencies are not tangible.

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Read more ... source: TheBitcoinNews

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