According to a report in The Hill, each victim of this scam lost between $ 2 thousand (about Rs 1.5 lakh) to $5 million (about Rs 3.7 crore). Many of the victims even lost their retirement funds.
Other members of the group have also been sentenced to prison terms ranging from 36 to 42 months. Along with this, a fine of up to $ 9.5 million (about Rs 71 crore) has also been imposed on him.
According to market research tracker CoinGecko, the crypto market is currently witnessing a global boom. The total market cap of crypto is recently touching the mark of $ 3 trillion (about Rs 2 crore 22 lakh 79 thousand 296 crore).
Cybercriminals are now targeting crypto holders, investors as well as exchanges to steal more assets. Recently, a cyber research team from Sophos has unearthed a bitcoin wallet filled with $1.4 million (approximately Rs 10 crore) tokens. It was collected through scam. Scammers are also looking for victims through dating apps like Bumble and Tinder.
A recent report revealed that the total crypto crime amount in 2020 was around $10.52 billion (Rs 79,194 crore). The same report also states that scams and fraud are a major problem for cryptocurrencies, accounting for 67.8% of total cryptocurrency crimes in the year 2020.
Earlier in November, the US Federal Bureau of Investigation (FBI) said that cyber scammers are tricking innocent people into using physical cryptocurrency ATMs and digital QR codes to complete malicious transactions.
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