Cryptocurrency rip-off: Over 95 per cent of crypto-associated frauds reported on WazirX between October 2021 and March 2022 had been primarily based outdoors of the Blockchain ecosystem, the alternate mentioned in a report as we speak (May 17, 2022). Majority of those scams had been conventional cash market scams.
According to the second version of its bi-annual WazirX Transparency Report, 40 % of the frauds reported had been ponzi schemes and social engineering scams. Twenty 5 % frauds had been associated to impersonation and additional 25 % had been phising/airdrop scams.
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The report gives an summary of initiatives and partnerships that the corporate took within the final 6 months to safeguard buyers.
The findings recommend a rise within the variety of accounts getting locked on account of authorized motion from the corporate compared to the final report.
Commenting on the report, WazirX CEO and founder Nischal Shetty mentioned, “The insights of the report indicate that even now the vast majority of scams are due to misinformation. They occur due to lack of awareness amongst users and indicate a requirement of large scale education and awareness programs to safeguard user interests.”
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WazirX Transparency Report Highlights
- Improvement in common turnaround time at 22 minutes, though really helpful period is 48 to 72 hours, as per IT Act, 2000.
- 952 queries had been by Indian Law Enforcement Agencies , whereas the Foreign LEAs made 71 requests. 100% of those had been felony in nature.
- 17,218 accounts had been locked, indicating a 19% enhance from April – September, 2021. 73% of those locked accounts had been on account of requests initiated immediately by the shoppers and 27% had been locked by WazirX’s authorized crew on account of ongoing investigations by LEA or fee disputes.
Aritra Sarkhel, Director of Public Policy at WazirX mentioned, “We are taking active steps to ensure smooth transitioning of our users to Web3.0 while providing user centric experience and data privacy.” We have additionally been conducting trainings for legislation enforcement institutions throughout the nation to verify we assist them to determine and monitor any such frauds.”
(Crypto and different digital digital belongings are unregulated in India. Investing in them is dangerous. Please seek the advice of your monetary advisor earlier than investing in cryptocurrency)
Source: www.financialexpress.com”