Hyderabad Police Department Issues A Warning Against Transferring Cryptocurrency Assets To Unknown Wallets

Hyderabad Police has warned the citizens of the rising cybercrime and increasingly unsafe practices of transferring crypto assets to unknown wallets.

Shikha Goel, Hyderabad’s Additional Commissioner of Police, has advised cryptocurrency investors in India to be cautious about transferring funds into unidentified and unauthorised wallets.

As part of an event organized by the Hyderabad Police, Goel said that cybercrimes are rising in India, where more than 740 million people use the Internet. Research shows that around 100 million people worldwide invest in crypto, but India also has a lot of people who do that.

Goel noted in her speech that the crypto ecosystem has grown and expanded in India, inviting cybercriminals to attack persons involved in the business.

They will request you to reveal the details of your cryptocurrency. Once you have put it into your wallet, then the money goes out of your wallet. If you plan to use or invest in cryptocurrency, make sure you stick to the most reputable and well-established companies in this industry.

Goel said.

Goel also shared a video on her Twitter account about cryptocurrency fraudsters targeting Indian investors.

This month, reports concerning Chinese as well as Nigerian investors being scammed Indian crypto investors surfaced on the internet.

Goel has reportedly stated that there had been 16 cases of crypto-fraud in which victims collectively have lost around the sum of Rs. 3.45 crore.

Crypto Crime is on the rise because of the increasing popularity of crypto assets. Crypto assets are digital items that allow for owning or trading in a virtual currency. With the increased popularity, there has been a surge in cybercrime.

Crypto fraudsters have found more ways to trick investors into giving up their money and stealing their identities. They have also found new ways to make money by using hacking tools against cryptocurrency owners and exchanges.

Read Also: Iran Ordered Cryptocurrency Miners To Halt Operations To Avoid Winter Blackouts

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