- The Indian cyber crime dept. grabbed crypto users accounts citing P2P scams.
- Many investors lost their and accounts in P2P UPI transactions.
The “seizure of multiple Binance P2P-linked bank accounts” sent a shockwave with the Indian crypto community because the country walked toward secure the folks from scams and fraudulent activities using P2P UPI transactions, following a Rs. 2 lakh (around $2420) fund scam, that is circulated within the chain.
The Indian government’s ‘cyber security department’ is appropriating all accounts using peer-to-peer technology, citing difficulties with scams and fraudulent activities. Many people that use the largest cryptocurrency exchange, Binance and Coinbase have distressing occurrences associated with P2P scams in India.
The problems happen to be ongoing since mid-April. Lately, TheNewsCrypto also printed articles concerning the issue that also exists.
However, regardless of the “victims’ loud requires help,” the crypto exchange Binance, or Chief executive officer Changpeng Zhao, also known as CZ, hasn’t yet taken care of immediately anything. Also, the crypto regulators and also the communities aren’t doing almost anything to address the problem.
Growing Conflicts Over Indian Crypto Accounts
The cyber information freezing the financial institution accounts of common citizens who have no idea when the counterparty is ‘genuine or perhaps a scammer’. Although the victims provided the required details towards the investigating officials, they haven’t yet received any response or assistance so far. If a person account is blocked in P2P, then all connected accounts may also be blocked.
Further, netizens in the crypto community in India began posting tweets to allow others know of the suspicious event. Also, the P2P scam victims have created a telegram group named “P2P Victims: Bank Seized” to go over the cyber crime actions. The audience has greater than 1,500 people, plus they try to create awareness one of the public. Still, it’s unknown the number of happen to be impacted by this.
Furthermore, some famous individuals are also focusing on highlighting the problems. However, the federal government can offer some guidelines regarding how to proceed using the transactions without having affected the most popular people.