Crypto Firms without License could be in Penalized to Combat Growing Cyber ​​Fraud, Bitcoin, Ether

The segment of cryptocurrencies has grown rapidly in the last few years. Along with this, cases of fraud are also increasing in this segment. To curb this problem, the United Nations Office on Drugs and Crime (UNODC) has suggested imposing penalties on unlicensed crypto firms.

UNODC estimates the number of crypto investors in Southeast Asia last year Scam There has been a loss of approximately 37 billion dollars. Social media is also used in these scams. UNODC has advised the governments of the countries of Southeast Asia to be more vigilant and take measures to prevent cases of crypto-related fraud. Recently, the Delhi High Court had ordered the Ministry of Communications to remove 38 websites imitating a crypto firm. Crypto firm Mudrex had filed a petition in the High Court demanding action against fake websites. Mudrex users had informed about being scammed through these websites.

In an order published on the Delhi High Court portal on August 23, Justice Mini Pushkarna had asked the Ministry of Communications to remove these websites. Mudrex had given evidence of fake websites using its name and other marks to trap users. It was told in this petition that Mudrex has received many complaints from people who were victims of these scams. In this petition it was said that many customers have become victims of these fake websites and have suffered huge losses.

About two months ago, the security of a multi-signature wallet of crypto exchange WazirX was breached. About $240 million (about Rs 1,965 crore) was suspiciously sent from this exchange to a new address linked to the controversial crypto mixer platform, Tornado Cash. WazirX got information about this matter from a post on social media platform X by security firm Cyvers. WazirX had said, “We have learned that the security of one of our multi-signature wallets has been breached. Our team is investigating it.” Cyvers had reported that the address to which the funds were sent from WazirX had already converted PEPE, GALA and USDT tokens into Ether.