Market News

Crypto Scams Surge in India: A Grim Outlook for Investors

Recent reports indicate a worrying trend in the realm of cryptocurrency fraud, particularly in India, where the Enforcement Directorate has highlighted a significant uptick in cybercrime.

The latest statistics show that India encountered 31 crypto-related fraud cases alongside 66 traditional bank frauds between 2024 and 2025.

This stark contrast reflects a broader shift in the fraud landscape, with digital asset scams soaring from almost nonexistent levels prior to 2018 to a staggering total of 122 cases.

While conventional bank scams dominate with 1,228 reported cases, the rise in cyber scams signals imminent risks associated with digital currencies.

As cybercriminals deploy increasingly sophisticated methods, including AI-generated deepfakes and romance investment scams, the stakes for investors have escalated significantly.

The value of global cryptocurrency scams is estimated at $12.4 billion for 2024, underscoring the immense financial threat posed to individuals and institutions alike.

Moreover, the first half of 2025 has already witnessed over $2.17 billion in thefts from cryptocurrency exchanges, marking this as potentially the worst year on record for crypto heists.

Law enforcement agencies like the ED are struggling to keep pace with the rapid evolution of cybercrime, which has outstripped their capabilities.

As the crypto market continues to burgeon, users must become vigilant and informed to safeguard their investments from the growing sophistication of fraudsters.

In this rapidly changing landscape, a coordinated effort from global regulatory bodies is essential to combat fraud and protect investors in the digital realm.