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Suresh lost Rs 9.8 lakhs in crypto trading fraud

Crypto trading fraud is getting more common, and people often get misguided into getting trapped in one. One such person was Suresh, who lost Rs 9.8 lakhs just because he thought the other person was trying to help. The individual was trying to transfer Rs 90k using cryptocurreny from his e-wallet. And due to some issues, the transaction wasn’t going through. This was why he contacted a helpline number to help him through. But unfortunately, the number wasn’t real. And as soon as he shared his credentials with the person over the phone, Rs 9.8 lakhs worth of Bitcoin was transferred from his account.

Crypto trading fraud details

After the incident happened with Suresh, he avoided going to the police station at Guttahalli. The incident happened almost a month back on 22nd February, and it has already been more than 3 weeks when he approached the station and filed a report. He told the police that when he was unable to transfer the money through his wallet, he was texting in a Telegram group regarding the issue. And many others, too, were facing the same problem, so he thought he was at the right place.

crypto trading fraud

Image Source: Banking Exchange

But before Suresh could contact the helpdesk, he got an email saying that he was to sort out the problem through Telegram. The person who talked with him on the chatting app claimed to be from his trading platform’s helpdesk. And so, without any doubt, he shared his id and password and other authentication details with the individual who transferred everything to another BTC address and cleared his account.

Statement of the Police

On this, the police said that they have already contacted the trading platform to share the transaction details with them. And the investigation regarding the same is currently on. But I am pretty sure that the police will be able to figure out who the person was. The details from telegram,  email and the transaction will surely help. After Bitcoin transactions are stored in a public ledger and everything is public so even though the transaction can’t be reversed, the culprit can be caught. So, there is a very high chance that Suresh will get his money back.


This recent fraud teaches you one thing that never share authentication details with anyone. The person could be even from the real helpdesk you called, but still, it’s not safe. Have you ever been a victim of a crypto trading fraud? Or do you know someone who has? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.

Also Read: Morgan Stanley to acquire Bithumb, Korea’s largest crypto exchange

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