A 33-year-old woman from Maharashtra's Thane city allegedly lost ₹26.88 lakh to fraudsters online who lured her to invest in Bitcoin. (Pexels)

Woman loses Rs. 26.88 lakh in online scam involving Bitcoin fraud; learn how to protect yourself

Sanjay PatilJanuary 7, 24 bitcoin, cryptocurrency

Bitcoin fraud continues to plague the volatile cryptocurrency market, providing a haven for fraudsters who employ clever tactics to deceive and exploit users through online scams. Despite this, Bitcoin has experienced a positive trend in recent months, rebounding from its lowest point. According to Bloomberg, on January 2, the price of Bitcoin increased by 3%, surpassing $45,000 for the first time since April 2022. This surge marked a strong start to 2024 for the world’s largest and most well-known cryptocurrency. Additionally, Bitcoin reached a 21-month high of $45,386 earlier in the day. Ether, the cryptocurrency associated with the ethereum blockchain network, also saw a 1% increase, reaching $2,376. These fluctuations in value attract cybercriminals who aim to ensnare unsuspecting individuals, as demonstrated by the recent victimization of this woman.

It has been reported that a 33-year-old woman from Maharashtra’s Thane city lost Rs. 26.88 lakh to scammers online who tricked him into investing in Bitcoin. The police revealed this while registering an offense under the Information Technology Act at the Kapurbawdi police station based on a complaint, an official said.

How Bitcoin Fraud Happened

The woman came across an ad on social media that promised lucrative returns on investments in Bitcoin, the official said.

The woman called the phone number given in the ad and paid according to the caller’s instructions. 26.88 lakh per annum. He received updates on his account balance through a link that will allow him to withdraw the expected proceeds, the official said.

The online scam was revealed

The whole thing turned out to be a fraud when the woman tried to withdraw the funds. He tried to get the process started according to the information explained by the cybercriminals, but faced difficulties and could not get the money, he said.

Police added that an investigation had been launched to nab the people responsible for the Bitcoin fraud.

How to stay safe from online scams

According to McAfee, people should stick to “legitimate app stores, use tools that can defeat spam and texts, and go online with confidence with online security software.”

In addition to that, you need to make sure that you don’t believe everything you see on social media. In many cases, criminals use their schemes to trap readers in ads, email, social media apps, and many other ways. If you see something like that, be careful. Do not click on the link or call any such phone number. Always check through multiple channels before proceeding.

And if someone promises returns that sound too good to be true, just know that they’re probably a scammer.

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