India has emerged as a major global crypto market, but it has also seen the highest rate of illegal cryptocurrency adoption, which has raised questions about user and holder security.
Following the release of a recent episode of the popular Indian comedian Samay Raina, which featured personality Ranvir Allahabadia, a memecoin called “Official Samay Raina” most recently made its market debut.
Controversy has been raised about the format and vulgarity of the most recent episode of “India’s Got Latent.” Renowned journalist Nilesh Mishra claimed that children can readily access this kind of content, which encourages vulgarity.
Bad actors explore opportunities in controversies
With the launch of the most recent episode, a memecoin in the name of Samay Raina was launched to lure his followers resulting in a loss of thousands. Memecoins have 5,625 USD in market cap, and around 99% supply by a single wallet.
However there is no connection between Samay Raina and this launched memecoin, yet neither Samay nor Ranvir recommended or endorsed buying this coin.
The First Information Report was filed against both Samay and Ranvir after Ranvir’s irrelevant question “ Would you rather watch your parents have sex every day for the rest of your life or join in once and stop it forever?”
The bogus ‘Official Samay Raina’ was launched on Pump(dot)fun, which helps an individual to create and trade memecoin effortlessly. The platform is built in the Solana ecosystem which has gained huge attention in the last couple of quarters.
Worth noting that when the Indian market was filled with the news of Saif Ali Khan’s attack, a memecoin in the name of the actor was also promoted, which was identified as a fund wipe-out scheme that disappeared from the market in some days.
India remains the primary target of hackers & scammers
India, the nation with the highest crypto adoption, has remained a hotspot for crypto-related illicit activities as the nation lags far behind in terms of rules and regulations for cryptocurrency.
On the other hand, the nations with significant taxes imposed on crypto transactions and gains. Crucial to note that after the historic victory of Donald Trump, India is now seeking reconsideration over digital assets.
Yet the official of the Reserve Bank of India termed cryptocurrency as digital money and the entity prefers Central Bank Digital Currency. However, the adoption of E- rupees remains less compared to the adoption of crypto.
Until publishing crypto market cap was at USD 3.19 trillion, and the trading volume was USD 105.80 billion with a surge of 41%; Bitcoin was exchanging hands at USD 97,861 with a growth of 1 % intraday and the market cap reached USD 1.93 trillion with a surge of 0.90%.
The intraday gainers have been ruled by Litecoin followed by Bittensor, Aptos, and Sui.
