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In a surprising turn of events, cops in the Indian state of Hyderabad have tracked down and busted a gang of cybercriminals that allegedly conducted digital frauds, crimes, etc worth Rs.88cr ($10 million).
The police has also confiscated Tether ($USDT) worth Rs 40,00,000 ($46,191.20). The gang was operational in eight different states and were operating various types of digital scams.
The same comes at a time when the city of Hyderabad and India as been grappling with a rise in digital frauds, some even involving cryptocurrencies.
However, the trend is not limited to the nation but is a rather global occurrence.
Hyderabad Faces Rise in Crypto Scams
The number of crypto frauds in Hyderabad, which is well-known for its thriving tech sector, has increased significantly in recent years.
Due to the lack of thorough regulation in India’s cryptocurrency market, some scammers have taken advantage of the growing popularity of digital assets like Bitcoin and Ethereum.
In the city, gullible investors have been the subject of fraudulent schemes like phishing attacks, Ponzi schemes, and fraudulent investment platforms. Both inexperienced and seasoned traders are drawn to these frauds because they offer large rewards with little to no risk.
The number of complaints from victims who have lost large sums of money has increased, according to law authorities. Local governments are responding by attempting to increase consumer protection knowledge and fortify existing protections.
However, the speed at which bitcoin innovation is developing frequently surpasses the efforts of regulators, making it difficult to successfully counteract these scams. Hyderabad has consequently emerged as a key location in India’s fight against fraud involving cryptocurrencies.
Case Comes Amid Rise in Tether’s Involvement in Illicit Activities
The popular stablecoin Tether has been embroiled in controversy because of its links to illicit activities and cryptocurrency market manipulation.
Tether is a well-liked option for traders and investors because to its steady value, which is based on the US dollar. Concerns have been raised, meanwhile, by its opaqueness and lack of openness surrounding its reserves.
Tether has been connected to unlawful operations over the years, such as money laundering and illicit dark web marketplace transactions. It has been suggested by investigations that Tether may have contributed to market manipulation by inflating cryptocurrency values.
Financial authorities and regulatory agencies have expressed concern about Tether’s possible hazards and questioned if it complies with know-your-customer (KYC) and anti-money laundering (AML) regulations.
Even though Tether has denied any misconduct, the business is under scrutiny in the global financial scene because of its lack of transparency, which has continued to breed distrust.
Also Read: CoinDCX Founder Sumit Gupta Commends India’s AI Push And Hopes For Crypto Support Soon