Crypto Scam Exposed in India
Police in Assam, India, have arrested three people for running a huge cryptocurrency scam. The fraud, called the RSN Crypto Scam, tricked over 2,000 people. Scammers promised big profits but stole the money instead. Investigators say the scam collected between ₹10-₹20 crore ($1.14-$2.29 million). Many people trusted the scheme, hoping to make quick money. Instead, they lost everything.
How the Scam Worked
Scammers created a fake cryptocurrency called RSN. They lied and said investors would earn 2% daily profits. People believed them and bought the token. But behind the scenes, scammers took the money. They converted it into USDT (Tether stablecoin) and sent it to crypto exchanges like Binance. The money never went back to investors.
Police Crack Down on the Fraud
The Indian Cyber Crime Coordination Centre (I4C) helped police track the scammers. Investigators found the RSN Crypto website was hosted on Amazon servers. It also had ties to China. Police arrested three people who admitted to the crime. They manipulated prices and tricked investors. But the main suspect is still on the run.
Crypto Scams Are Rising in India
More people in India are investing in crypto. Scammers are taking advantage. Many frauds promise big profits but end in huge losses.
Here are some recent crypto scams in India:
- Datameer Crypto Scam – 700 investors lost over ₹10 million ($114,000).
- HPZ Token Scam – 299 Chinese companies ran a fake crypto mining fraud.
These scams follow the same pattern. The fraudsters promise easy money, get people to invest, then disappear with the funds.
India’s Crypto Market Is Growing
Despite scams, crypto is booming in India. In late 2024, trading volumes hit $2 billion. Many people in small cities see crypto as a new way to make money. Experts predict India’s crypto market will reach $15 billion by 2035. But investors must be careful. The RSN scam is a warning to do proper research before investing.
How to Stay Safe from Crypto Scams
If you want to invest in crypto, follow these tips:
- Do research – Check if a cryptocurrency is real before investing.
- Avoid big promises – No investment can guarantee profits.
- Use trusted exchanges – Stick to platforms like Binance, Coinbase, or WazirX.
- Never share passwords – Scammers may try to steal your account details.
Final Thoughts
The RSN Crypto Scam is a lesson for investors. Many people lost their savings because they believed false promises. While crypto can be profitable, it also carries risks. Investors must be smart and stay alert. The Assam police action shows that fraudsters will be caught. However, the best way to stay safe is to learn about scams and invest wisely.
