With the growing adoption of crypto, the number of illicit activities has been approaching new heights. In the most recent development, the enforcement units have cracked down on the RSN crypto scam, which looted more than 1900 victims.
An Indian media outlet reported that the tracked bogus scam gathered around 10- 20 crores by troubling thousands of innocent investors.
Scammers lured investors with a 2% daily return
The complaint filed with enforcement agencies about RSN crypto says that the scammers promised victims a 2% intraday return. It is worth noting that the bad actors use exchanges like Binance.
A media outlet reported that agencies have detained three individuals accused of manipulating the prices of crypto tokens to gain unwanted exposure.
The identified scam was operated over an Amazon server and has ties with some China-based entities; over the past few years, China has continued to trouble investors based in India.
USDT’s usage for illicit activities has reached a new height, and the Tether Foundation has minted coins worth millions of dollars.
Indian authorities have continued to protect the Indian citizens by identifying and dismantling the particular scam or fraud scheme operating inside the territory troubling the residents.
Should India revise its laws for the crypto market?
There are speculations that the Indian government is planning to reconsider its stance on digital assets and might ease the process of officially registering a crypto-dedicated service.
Earlier this week, Tuhin Pandey, a known civil servant, replaced the 1st female SEBI chief with his appointment; the Indian market is expecting some favorable decisions concerning crypto.
If India changes its stance on digital assets in the near future, there is a very high chance of a surge in the current revenue from digital assets per user.
Market experts say that the nation has started to favor crypto, especially after Donald Trump’s victory in the presidential elections held in 2024.
Crypto market price updates
Until publishing, the crypto market cap was $3.03 trillion, with a surge of 6.55% in the past 24 hours, yet the cap remains in a loss in the weekly frame.
Bitcoin succeeded in breaking the mark of $90k, and when writing it, it was trading at $92,294, above 200 days exponential moving average and at the same time below 20, 50, and 100-day EMA.
According to CoinMarketCap, the intraday loser list has been ruled by Maker, Celestia, Berachain, Litecoin, and Bittensor, and the gainers are Cardano, XRP, Dogwifhat, and Solana.
The fear and greed index is at 39, determining fear in the market sentiment; available data also shows that the memecoins trading volume reached $14.85 billion with a market cap of $60.61 billion.
