As cryptocurrency gains more adoption and acceptance, the risk of falling victim to payment scams exploiting the allure of digital assets is growing. Cryptocurrency frauds and security breaches are becoming more common questioning the adaptability of Blockchain technology. This article sheds light on the increasing concerns surrounding cryptocurrency scams, legal regulations emphasizing the need for awareness and caution among regulating authorities, individuals, and businesses. These scams often involve fraudsters posing as experts or legitimate entities, seeking to trick individuals into transferring funds or sharing sensitive information. By understanding the tactics used by criminals in these scams, both organizations and individuals can protect their financial assets and data.

The growing concern for individual and businesses revolves around scams capitalizing on the appeal of cryptocurrency. Recent data from the Federal Trade Commission (FTC)1, USA Consumer Protection Data Spotlight reveals that, since 2021 over 46,000 individuals have reported losses exceeding $1 billion to crypto scams. This accounts for approximately one-fourth of the reported fraud losses during that period.2 One of the measures to address this growing menace has been identified by Financial Stability Board (FSB) in its comprehensive report on November 28, 2023, outlining significant recommendations for regulating the cryptocurrency sector.3 The report talks about the repercussions for financial stability arising from multifunction crypto-asset intermediaries (MCIs).4 The report underscores that vulnerabilities in MCIs closely resembling those found in traditional finance, encompassing issues such as leverage, liquidity mismatches, technological and operational vulnerabilities, and interconnectedness.5 Report contributes by shedding light on the potential risks associated with MCIs, providing a basis for regulatory adjustments, and fostering a more informed and resilient crypto-asset ecosystem.

Meanwhile, India is also grappling with the challenge of curbing the surge in cryptocurrency frauds. According to a report published by 'Broadband India Forum' Cryptocurrency theft grew with roughly $3.2 billion worth stolen in 2021, a 516% increase compared to 2020.6 India's ongoing efforts to combat the escalating incidents of cryptocurrency fraud is a challenge that has left victims navigating legal uncertainties amid evolving regulatory frameworks. Government of India (GoI) along with Regulatory bodies, including the Reserve Bank of India (RBI), Security and Exchange Board (SEBI), Enforcement directorate of India (ED), Cyber Emergency Response Team – India (CERT-IN), and other authorities, are actively collaborating to implement ringfencing measures. Some of the measures deployed by these authorities aim to counter criminal activities such as "hawala" associated with the transfer of virtual assets. However, the involvement of multiple agencies and the absence of a streamlined and specialized cell to investigate such distinct crimes often result in delays and cumbersome litigations.

The crucial importance of increased awareness, the Internet and Mobile Association of India (IAMAI)7 has initiated a wave to enlighten the public about cryptocurrencies and the prevalent risks associated to them. Also, during the summit of G20 leaders, Union Finance Minister Nirmala Sitharaman conveyed that the G20 has widely approved a roadmap to address crypto assets, incorporating customized measures to alleviate particular risks facing emerging markets and developing economies.8

Overview of Crypto related scams:

Limited understanding of a user for crypto related transactions exposes them to scams, particularly with the growing popularity of cryptocurrency companies and the potential for significant profits highlighted in news headlines. Criminals source their victims from various outlets, such as social media, dark web, professional platforms like LinkedIn or any other means of gathering information. Understanding the irreversible nature of cryptocurrency transactions is crucial due to their immutability, setting them apart from traditional financial transactions. The absence of government-backed insurance or regulatory protections amplifies the associated risks and provides a fungal ground for growing complex web of criminal activities.9 While there are a number10 of ways a scam can be conducted there are a few ways which are more prevalent in the crypto industry which are also recognized by the investigating agencies11 and regulators. Some of the most prevalent ways a crypto scams are being conducted are as follows:

a. Fake Website or App/ Imposter Scam

The Fake Website scam is a significant threat in the cryptocurrency world, involving the creation of deceptive websites that imitate legitimate cryptocurrency trading platforms or digital wallet services. These sites are expertly crafted to resemble authentic sites, making it difficult for users to spot the differences.

Modus Operandi

Scammers adeptly craft websites with domain names closely resembling those of reputable cryptocurrency services, with only slight variations that can be easily overlooked. The operation of these fake sites varies: some function as phishing platforms to collect sensitive user information like wallet passwords and recovery phrases, while others mimic genuine trading platforms. These fraudulent sites may allow minor withdrawals initially, building a false sense of security among users. However, when users try to withdraw larger amounts, the site either abruptly shuts down or the withdrawal requests are consistently denied, leading to significant financial losses.

Case Study

A pertinent example involves a case registered by the Delhi Police against a CoinDCX following numerous user complaints.12 Victims reported encountering a fake mobile application that closely resembled the legitimate app of the company. The fake app was intricately designed, replicating the user interface of the original, which led users to believe it was authentic. This scam led to substantial financial losses for users who deposited funds or entered sensitive information into the fraudulent app. The company clarified that the scam was related to a counterfeit website and not their official platform. They highlighted the ongoing challenge in the fintech sector of fake websites and apps that mimic legitimate financial services.13 This incident underscores the critical need for users to verify the authenticity of cryptocurrency apps and websites thoroughly before usage or investment, illustrating the sophisticated nature and damaging impact of fake website scams in the cryptocurrency space.

b. Fake Remote Job Scam

The Fake Remote Job Scam is an intricate online fraud where victims are enticed into performing seemingly benign tasks, such as liking and subscribing to YouTube channels, with the promise of earning profits. This scam is particularly insidious as it leverages the guise of cryptocurrency investments, compelling victims to transfer money under the pretext of participating in lucrative opportunities. The scam has seen widespread execution across India, resulting in significant financial losses for many.

Modus Operandi

The operation of this scam begins with impersonation, where the criminals pose as representatives of reputable companies to establish trust with potential victims. They then lure individuals with the promise of easy money for completing simple online tasks. The victims are added to a Telegram group, where they are bombarded with links to fraudulent websites and encouraged to invest in cryptocurrency for even higher returns. The scammers employ sophisticated techniques to manipulate their victims into making financial transactions under the guise of task completion and investments. The stolen money is funneled through various bank accounts and converted into cryptocurrency, making it difficult to trace and recover.

Case Study

A significant arrest by the Dehradun Cyber Police Station shed light on the magnitude of this scam, involving a gang responsible for a nationwide fraud worth Rs 13 crore.14 The investigation was triggered by a complaint from a victim who was deceived into transferring Rs 18,11,000 through various online transactions. Believing he was investing in cryptocurrency and completing profitable tasks, the victim was, in reality, funneling money directly to the scammers. The police's investigation unveiled the gang's method of laundering the money across accounts in Delhi and Jaipur, leading to the arrest of two individuals in Rajasthan. The relentless pursuit of the police led them to another key member, Raghavendra, in Davangere, Karnataka. Raghavendra, linked to complaints in 11 other states, highlights the widespread impact and intricate network of this scam, underscoring the critical need for vigilance among internet users and the importance of verifying the legitimacy of remote job offers.

c. Pump and Dump Scam/ Rug Pull

The Pump and Dump scam is a notorious scheme in the cryptocurrency market, where the value of a particular coin or token is artificially inflated through misleading positive statements or deceptive hype, often orchestrated by fraudsters. After successfully driving up the price, these scammers then sell their holdings at a peak, causing the asset's value to crash sharply, leaving unsuspecting investors with significant losses.

Modus Operandi

This scam typically involves a coordinated effort to spread false or exaggerated information across various platforms, including email blasts and social media channels like Twitter, Facebook, or Telegram. The hype generated around the cryptocurrency entices traders to invest heavily, rapidly inflating its price. Once the price reaches a high enough level, the scammers swiftly sell off their holdings, leading to a sudden market crash.

Case Study

A notable instance of this scam was the Squid Coin scheme, inspired by the popular Netflix series "Squid Game." The scam saw the price of Squid Coin skyrocketing from mere cents to approximately $2850.15 Investors, driven by the fear of missing out (FOMO) and the enticement of quick profits, poured in funds, dramatically increasing the token's value. However, the scheme turned out to be a classic pump and dump, with the developers absconding with the invested money, leaving the price of the token to plummet to nearly zero, and investors incurring massive losses. This case exemplifies the volatile nature of cryptocurrency investments and the risks of market manipulation schemes.

d. Social Engineering Scam

Social Engineering scams in the cryptocurrency realm involve cunning psychological manipulation to trick individuals into revealing sensitive information or transferring crypto assets. These scams exploit human vulnerabilities, leveraging trust and deception to achieve their fraudulent goals, often resulting in significant financial losses for the victims.

Modus Operandi

The technique revolves around building a relationship of trust with the target. Scammers often pose as trustworthy entities or individuals, engaging in prolonged interactions to establish credibility. They methodically work to lower the victim's guard, eventually leading them to divulge critical information like cryptocurrency wallet details, or to transfer cryptocurrency under false pretenses. The tactics employed can range from impersonation and phishing to pretexting and baiting.

Case Study

A poignant example occurred in California, where a victim was duped by a scammer who had hacked their friend's Instagram account. The impersonator, posing as the friend, convinced the victim to invest $2,000 in cryptocurrency through a platform promoted in the hacked account. As the victim's involvement deepened, they were misled into upgrading to a higher investment level, resulting in additional demands totaling $5,000.16 Despite assurances of significant returns, when the victim attempted to withdraw funds, they were met with demands for more personal information and various fees, eventually leading to the realization that they had been ensnared in a social engineering scam. The associated website,, later turned out to be inoperative, highlighting the sophisticated and deceptive nature of such scams.

e. Ponzi Scheme

The Ponzi Scheme scam, leveraging cryptocurrencies like Bitcoin, is a fraudulent investment scam promising high returns with little risk to investors.17 The scam operates on the principle of using new investors' funds to pay the earlier backers, creating a cycle of deception. Amit Bhardwaj's GainBitcoin scheme exemplifies this, where he offered a staggering 10% monthly return for 18 months on Bitcoin investments, ensnaring thousands of investors.18

Modus Operandi

Amit Bhardwaj crafted an enticing narrative around Bitcoin investment, launching GainBitcoin in 2015. The scheme promised lucrative returns, ostensibly generated through mining and cryptocurrency trading. However, it relied heavily on a continuous influx of new investors to sustain payouts, a classic hallmark of a Ponzi scheme. The operation was sophisticated, with multi-level marketing (MLM) strategies to spread the word and a shift to an in-house crypto token, MCAP, when Bitcoin became scarce, further entangling investors in this deceptive web.

Case Study

Bhardwaj's scheme was one of India's most scandalous cryptocurrency-based Ponzi schemes, duping about 8,000 investors and amassing 82,132 bitcoins. Despite multiple warnings from the Reserve Bank of India about the risks associated with virtual currencies, Bhardwaj managed to build a credible facade, even enlisting Bollywood stars for promotion. His arrest in March 2018 marked the culmination of a vast investigative effort, revealing a sprawling network of deceit spanning several states and involving numerous accomplices. This case serves as a stark reminder of the dangers lurking in the unregulated corners of the cryptocurrency market and the importance of due diligence before investment.19

Precaution is better than cure:

In the rapidly evolving world of cryptocurrency, the excitement and potential for significant returns are often marred by the presence of sophisticated scams and fraudulent schemes. As such, it becomes imperative for investors and enthusiasts to exercise meticulous personal due diligence before engaging in any cryptocurrency transactions or investments. The allure of quick profits can sometimes cloud judgment, leading individuals into traps set by scammers. However, with informed awareness and a cautious approach, it is possible to navigate the crypto landscape safely.

Identifying Red Flags in Cryptocurrency Projects

Cryptocurrency scams, while diverse in their methods, often exhibit certain red flags that can alert potential investors to their dubious nature. Recognizing these signs is the first step in protecting oneself from becoming ensnared in a fraudulent scheme.

a. Read the Whitepaper - Every credible cryptocurrency project starts with a whitepaper, a comprehensive document outlining the project's goals, technology, architecture, and roadmap. A well-crafted whitepaper is detailed, clear, and reflective of the project's legitimacy. In contrast, fake projects often present whitepapers that are vague, poorly written, or overly ambitious without a solid foundation to achieve their claims. Comparing a project's whitepaper against those of established and successful cryptocurrencies like Bitcoin and Ethereum can offer insights into its credibility.

b. Check the team profile - The legitimacy of a cryptocurrency project is also closely tied to the transparency and credibility of its founding team. Prospective investors should research the team members' backgrounds, looking for verifiable achievements, experience in blockchain and cryptocurrency, and a reputable online presence. Platforms such as LinkedIn, Twitter, and Discord can provide valuable information about the team's history and legitimacy.

c. Get-Rich-Quick Schemes - The promise of quick and guaranteed returns is a hallmark of fraudulent schemes. The volatile nature of the cryptocurrency market makes it impossible to guarantee returns, especially in the short term. Projects or individuals promising massive profits with minimal risk are likely operating a scam.

d. Monitor Website URLs Diligently - A significant number of fraudulent activities are conducted through unsecured websites. It is imperative to ensure the presence of a 'lock icon' adjacent to the website's URL in the address bar, signifying a secure connection. Furthermore, the URL should commence with 'https'—the 's' standing for secure—rather than 'http', which lacks encryption and is therefore vulnerable to interception. Additionally, exercise caution with URLs that may deliberately confuse similar characters, such as substituting the letter 'O' for the number '0', as these subtleties can be challenging to discern. To further enhance due diligence, consider verifying the domain registration details via This platform can reveal the age of the domain; discrepancies between the company's claimed history and the domain's age can be a clear indicator of fraudulent intent. For instance, if a company purports to have been in operation for several years, yet the domain registration shows it was established mere weeks ago, this discrepancy should raise concerns. Be wary of trading platforms that boast extensive customer bases or significant trade volumes if their website's domain is relatively new. Such claims are improbable for sites only recently established. Additionally, remain skeptical of websites that mimic the names of established brands or that do not utilize the traditional '.com' domain ending. Maintaining a high level of vigilance is essential to safeguard against fraudulent schemes.

e. Verify Physical Addresses - The absence of a physical address for a centralized cryptocurrency platform can be a significant red flag. It often indicates that the proprietors of the site prefer to remain anonymous or might be operating from a jurisdiction with lax regulatory oversight. Should an address be listed, it is advisable to conduct a thorough investigation, such as using a street-view mapping service, to verify its authenticity and ensure it corresponds to a legitimate business location. It is prudent to be cautious of companies that lack a physical presence in India, as offshore entities might place investors outside the protective ambit of domestic legal and financial regulations. In scenarios where a trading platform is based offshore, investors might find themselves with limited recourse in the event of disputes or malpractices.

To safeguard against the ever-innovative tactics of crypto scammers, individuals must adopt a vigilant and informed approach. Ignoring unsolicited offers, especially those promising free money or guaranteed returns, and being cautious of celebrity endorsements are prudent practices. Additionally, relying on cold wallets for storing cryptocurrencies can significantly enhance security by keeping assets offline and less accessible to hackers. Finally, a healthy skepticism towards ICOs and thorough research into new projects can prevent investment in scam endeavors.

By adhering to these guidelines and remaining cautious, investors can significantly reduce their risk of falling victim to cryptocurrency scams. The digital age of investment requires not only an understanding of the technology but also a keen awareness of the tactics used by those looking to exploit the unwary.

Overview of Crypto Regulation and Legal Recourse:

Regulatory Reforms

The trajectory of cryptocurrency regulation in India has been a journey of cautious advancement and judicial scrutiny. Over the period from 2013 to 2018, the Reserve Bank of India (RBI) persistently issued notifications that highlighted the potential financial dangers associated with cryptocurrencies, advising public discretion without enacting an outright ban.20 However, in a decisive move in 2018, the RBI sought to isolate cryptocurrency exchanges from the banking sector by barring regulated entities from engaging in virtual currency transactions.21 This prohibition faced a legal challenge and, in a landmark judgment in 2020, the Supreme Court of India struck down the RBI's ban. While the Court recognized the RBI's authority to regulate the domain, it criticized the restrictive measure as disproportionate.22

In the aftermath of the Supreme Court verdict, the RBI clarified that the previous ban was no longer enforceable, imposing a requirement for entities involved in cryptocurrency transactions to comply with rigorous regulatory standards.23 These standards encompass Know Your Customer (KYC) norms, Anti-Money Laundering (AML) procedures, and Counter-Terrorism Financing (CTF) measures, aligning with the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA).

On April 28, 2022, the Indian Computer Emergency Response Team (CERT-in) enacted a directive under the Information Technology Act, 2000. This directive stipulates essential guidelines regarding information security protocols and mandates the prompt reporting of various cyber threats. Incidents that require reporting include identity theft, spoofing, phishing attacks, as well as Denial of Service (DoS) and Distributed Denial of Service (DDoS) attacks. The directive also covers the proliferation of fraudulent mobile applications.24

Taking a more expansive step on March 7, 2023, the Ministry of Finance amended the PMLA to encompass the VDA sector. This pivotal amendment designated both Virtual Digital Asset Service Providers (VASPs) and individual activities involving VDAs as 'Reporting Entities,' effectively broadening the PMLA's reach to include decentralized digital transactions. This inclusion not only integrates VDAs into the formal economic fabric but also equips the legal system with broader oversight to deter and address criminal activities in the digital asset space.25

Consumer Protection and Legal Recourse

The Ministry of Home Affairs, through initiatives like the 'Cyber Dost' X (earlier Twitter) handle26 and the National Cyber Crime Reporting Portal27, has been instrumental in spreading awareness about cybersecurity and providing channels for reporting cybercrimes, including cryptocurrency frauds. The establishment of the Indian Cyber Crime Coordination Centre28 (I4C) and various cyber forensic laboratories underlines the government's commitment to a coordinated response to cybercrimes, including those involving cryptocurrencies. The Ministry of Law and Justice in the recent amendments to the Information Technology Act, 2000 (IT Act) under the Jan Vishwas (Amendment of Provisions) Act, 2023,29 have retained criminal punishments for serious cyber offences while enhancing fines to deter cybersecurity violations.30

In the emergent digital era, cryptocurrencies present unique legal challenges, often straddling the line between existing statutory provisions and the need for new regulatory frameworks. Victims of cryptocurrency fraud or scams, depending on the case specifics, may invoke provisions from both the IT Act and the Indian Penal Code. Fraud, identity theft, and deception in the digital space are generally covered under the broad category of cyber-crimes. IPC and the IT Act together encompass various provisions that address these crimes. Sections 43 and 66 of the IT Act penalize activities such as unauthorized access and data theft, while Sections 378 and 424 of the IPC govern the theft and concealment of property, extending to digital assets by interpreting "movable property" to include all property types, thus encapsulating cryptocurrencies.

Mischief and dishonest receipt of stolen property are addressed under Section 425 of the IPC and Section 66B of the IT Act, respectively. These laws also cover the wrongful transfer of cryptocurrency through computer manipulation, as specified under Section 43(h) read with Section 66 of the IT Act. Additionally, the IT Act's Section 65 sanctions tampering with computer source codes, which can be compared to the IPC's Section 409 concerning criminal breach of trust, although the latter necessitates entrustment of property. Identity theft and cheating by personation are additionally penalized under Sections 66C and 66D of the IT Act, with parallels found in Section 419 of the IPC.

In the unfortunate event of falling victim to a cryptocurrency scam or fraud the consumers should immediately report the incident to the customer service of the involved crypto exchange or crypto platform. The grievance officer of the concerned platform is obligated to acknowledge the complaint within 24 hours and resolve it within 15 days.31 If the response is unsatisfactory, they have the option to file a formal complaint with their local Cyber-Crime Investigation Cell or the nearest police station. Additionally, victims can register complaints about cybercrimes, including cyber fraud, through the National Cyber Crime Reporting portal or by calling the helpline number 1930. Should there be a need to approach a local cyber cell, individuals can often do so through official websites like Delhi's cyber cell at The documentation required typically includes a detailed written account of the incident, cryptocurrency addresses, transaction amounts, and any relevant communication with the platform. While the specifics of the complaint process may vary by jurisdiction and the sophistication of the cyber cell, the underlying aim is to ensure that users are educated and protected against the risks associated with virtual assets.

In situations where law enforcement may be reluctant to take action, victims can seek judicial intervention by filing a complaint with a Judicial Magistrate under Sections 200 or 156(3) of the Criminal Procedure Code (CrPC).

Suggestive measures: conclusion

In conclusion, as financial transactions increasingly migrate to the digital realm, the legal community must confront the multifaceted challenges presented by the criminal underbelly of blockchain evolution. By understanding the nuances of hacking, identity theft, and fraudulent trading platforms, legal luminaries can proactively shape robust legal frameworks, ensuring the security and integrity of cryptocurrency transactions.

Engaging in due diligence is essential for safeguarding against cryptocurrency scams, given that once a transaction is initiated, it cannot be halted or recovered. Individuals should take precautionary measures before participating in any cryptocurrency-related transaction, whether personal or business-oriented.

Here are key practices to follow:

  1. Pause and Verify:
    1. Take a moment to evaluate requests for cryptocurrency payments.
    2. Refrain from responding to unexpected contacts or investment opportunities.
    3. Exercise caution if a familiar person or entity suddenly demands cryptocurrency payment without clarification.
  1. Thorough Verification:
    1. Conduct thorough vetting of new or random contacts before engaging in financial transactions.
    2. Avoid accepting or sending funds to anonymous or unknown individuals or organizations.
  2. Question Unrealistic Claims:
    1. Investigate investment claims, especially those that seem too good to be true.
    2. Be skeptical of advice from non-credible sources, including celebrities and social media figures.
  1. Avoid Suspicious Links:
  2. Refrain from clicking on links in suspicious emails, texts, or social media messages.
  3. Be cautious of unexpected communications from alleged cryptocurrency platform representatives.
  1. Protect Sensitive Information:
  2. Never share private crypto account information via email or text.
  3. Resist pressure to disclose sensitive details; consider reporting and severing ties with the individual or entity.

Effectively tackling the crypto scam challenge demands the enactment of specific laws by the Indian government targeting the creation, distribution, and malicious use of deepfake content, accompanied by corresponding penalties for illicit activities involving such manipulative technologies. It is imperative to establish clear guidelines for online platforms and social media sites to detect and promptly remove deepfakes, necessitating collaboration with tech companies to enforce these regulations. A proactive approach involves investing in public awareness campaigns to educate individuals about the existence and potential dangers of deepfake technology. This includes providing guidance on how to identify and report suspicious content, empowering users to play a role in curbing the spread of misinformation. Allocating research and development funding to support initiatives focused on deepfake detection and prevention methods is paramount. By investing in technology development, the government can foster the creation of tools capable of identifying and mitigating the impact of deepfakes. It is crucial to look beyond national borders, as broader international collaboration is essential to address the transboundary nature of deepfake threats. Governments should work collaboratively on an international level to share information, exchange best practices, and coordinate efforts in addressing the global challenges posed by deepfake technology. In doing so, India, with its abundant technological talent, is poised to take a leadership role in spearheading this collaborative initiative.


1 FTC is an independent agency of the United States government whose principal mission is the enforcement of civil (non-criminal) antitrust law and the promotion of consumer protection.

2 Reported crypto scam losses since 2021 top $1 billion, says FTC Data Spotlight, Federal Trade Commission, available at , accessed 14 January 2024

3 FSB assesses risks of multi-function crypto-asset intermediaries, Financial Stability Board, dated 28.11.2023, available at , accessed 14 January 2024

4 Multifunction crypto-asset intermediaries (MCIs) are individual firms, or groups of affiliated firms, that combine a broad range of crypto-asset services, products, and functions typically centred around the operation of a trading platform.

5 The Financial Stability Implications of Multifunction Crypto-asset Intermediaries: The Financial Stability Implications of Multifunction Crypto-asset Intermediaries (

6 The 2022 Crypto Crime Report Original data and research into cryptocurrency-based crime. Crypto-Crime-2022.pdf (

7 MANU/SC/0264/2020

8 "the upcoming synthesis paper developed by the IMF and the FSB, coupled with a roadmap will be instrumental in shaping future regulatory measures for crypto- assets"

9 As Cryptocurrency Becomes More Mainstream, Payment Scam Risks Increase, available at , accessed 15 January 2024

10 Crypto Scam Tracker available at , accessed 14 January 2024

11 Use of Fake Mobile Apps disguised as Cryptocurrency Trading Apps by cybercriminals, available at , accessed 12 January 2024

12 Delhi Police lodge FIR against fake crypto firm for duping users by Jignasa Sinha dated 03.01.2024 available at , accessed 14 January 2024

13 How to protect yourself from Cryptocurrency Scams, CoinDcx Blog dated 27.10.2020 available at

14 Cyber Digest prepared by Indian Cyber Crime Coordination Centre dated 23.01.2024 available at , accessed 12 January 2024

15 Game over! 'Squid Game'-inspired crypto scam collapses as price crashes from $2.8K to zero by Yashu Gola dated 02.11.2021 available at , accessed 14 January 2024

16 Supra at 11

17 Cryptocurrency Frauds by Aryan Kasera, International Journal of Engineering and Advanced Technology (IJEAT) ISSN: 2249-8958 (Online), Volume-9 Issue-6, August 2020

18 Make more money from virtual money! The unchartered world of cryptocurrencies by Kamakhya Nr Singh available at

19 ibid

20 RBI cautions users of Virtual Currencies against Risks available at; See also - RBI cautions users of Virtual Currencies available at

21 Preventing Money Laundering In The Digital Age: India's Approach To Virtual Digital Assets - Money Laundering - India (

22 Internet and Mobile Association of India vs Reserve Bank of India Writ Petition (Civil) No.528 of 2018

23 Customer Due Diligence for transactions in Virtual Currencies (VC) available at

24 No. 20(3)/2022-CERT-In dated 28.04.2022, Directions under sub-section (6) of section 70B of the Information Technology Act, 2000 relating to information security practices, procedure, prevention, response and reporting of cyber incidents for Safe & Trusted Internet. Available at

25 Supra at 21




29 THE JAN VISHWAS (AMENDMENT OF PROVISIONS) ACT, 2023 NO. 18 OF 2023 available at

30 Cyber Frauds dated 19.12.2023 available at

31 Rule 3 (2) The Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.