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Additional Commissioner at Hyberabad City Police, Shikha Goel, has advised local crypto investors to yield caution when investing in the market.
Goel speaking at an event organized by the Police force, discussed the techniques used by scammers to defraud unsuspecting investors and warned vehemently against the transfer of tokens to shady digital wallets.
“They [fraudsters] ask you to share your cryptocurrency details. And once you put it in your wallet, then the money is taken away.” Goel said.
The officer acknowledged the rising interest in cryptocurrencies and other digital assets amongst Indian investors but quickly highlighted the downsides.
Do not transfer your cryptocurrency to unauthorized private wallets. Don’t fall prey to fraudsters #BeCyberSmart pic.twitter.com/eJOwsnLSmX
— Shikha Goel, IPS (@AddlCPCrimesHyd) December 26, 2021
Furthermore, he advised that investors should only patronize “reputed and long-established players” to explore the crypto space or invest funds into the scheme.
“If you are going to be using or investing in cryptocurrency, please go only to the reputed and long-established players in this field.”
According to Shikha Goel, 14 out of every 16 crypto frauds are centered around investment and trading, with investors losing around 3.45 crore rupees (nearly $458,000).