ScamAware

In a major crackdown, Assam police have arrested 38 people across the state in connection with a massive ₹2,200 crore online trading scam that ran for nearly three years. The scam, masterminded by 22-year-old Bishal Phukan from Dibrugarh and his associate Swapnanil Das from Guwahati, lured investors by promising to double their money within 60 days.

The scam began by returning small profits to investors, with interest rates as high as 30-50%, but stopped once larger sums started pouring in. Many investors even took loans of ₹10-15 lakh to invest, only to be defrauded.

Assam's Chief Minister Himanta Biswa Sarma urged the public to avoid fraudulent schemes, advising them to stick to authorized stockbroking through demat accounts. "No one can offer 25-30% interest; these are traps," he said, urging vigilance.

Phukan and Das flaunted a lavish lifestyle, attracting police attention with high-end cars, luxury properties, and social media posts from foreign trips. The police are also investigating actor-choreographer Sumi Borah, who allegedly received expensive gifts from Phukan, including a grand wedding at a Rajasthan resort.

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In the rapidly evolving world of cryptocurrency, scams have become increasingly sophisticated, targeting both novice and seasoned investors. Here’s an overview of some major scams and how they unfold:
1. Crypto Romance Scams
Scammers build fake profiles on dating apps and social media platforms, engaging victims in long-term emotional relationships. Once trust is established, they encourage the victim to invest in fake cryptocurrency schemes or directly transfer funds. For instance, a U.S. investigation in 2023 revealed over $9 million stolen from such scams targeting 70 victim.
2. Giveaway Scams
Impersonators hack or create fake profiles of celebrities or influencers, promoting fake giveaways. Victims are lured into sending cryptocurrency, believing they will receive a larger return. These scams leverage the trust associated with popular figures, making them highly effective.
3. Investment Fraud and Ponzi Schemes
Fraudsters promise high returns with no risk, often through Ponzi schemes where new investors fund the returns of earlier ones. Eventually, the scam collapses, leaving most participants in significant financial loss. Pump-and-dump schemes are also prevalent, where scammers manipulate crypto prices by spreading false information before selling off their holdings, causing a price crash.
4. Address Poisoning
This advanced scam involves sending tiny transactions to a victim’s wallet with addresses designed to look like trusted contacts. Victims unknowingly copy these fake addresses for future transactions, inadvertently sending their funds to the scammer.
5. Cloud Mining Scams
Fraudulent companies claim to offer cryptocurrency mining services. They lure investors with promises of high returns but vanish after collecting significant amounts of funds.
Combating Crypto Scams
Awareness is the first line of defense. Key red flags include unsolicited investment opportunities, unrealistic promises of high returns, and pressure to act quickly. Always verify the legitimacy of projects and wallet addresses before transferring funds.
By highlighting these tactics, we hope readers can navigate the crypto space with greater caution and avoid falling victim to such schemes. Stay vigilant and prioritize security in all crypto dealings.
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Cryptocurrency, often referred to simply as "crypto," has emerged as one of the most transformative innovations in the financial world over the past decade. Born with the launch of Bitcoin in 2009 by the mysterious figure Satoshi Nakamoto, crypto represents a decentralized form of digital currency that operates on blockchain technology. Unlike traditional currencies controlled by central banks, cryptocurrencies rely on cryptographic techniques to secure transactions and a distributed network of computers to verify them. Today, thousands of cryptocurrencies exist, each with unique features, ranging from Ethereum’s smart contract capabilities to stablecoins like Tether pegged to fiat currencies.
The appeal of cryptocurrency lies in its promise of financial freedom and innovation. For many, it offers an alternative to conventional banking systems, enabling peer-to-peer transactions without intermediaries. This decentralization can reduce fees, increase transaction speed (especially for cross-border payments), and provide access to financial services for the unbanked. Beyond payments, blockchain technology underpinning crypto has sparked advancements in fields like supply chain management, digital identity verification, and decentralized finance (DeFi), where traditional financial instruments are reimagined without centralized control.
However, the crypto market is not without its challenges and controversies. Volatility remains a defining trait, with prices of major coins like Bitcoin and Ethereum swinging dramatically, often driven by speculation rather than intrinsic value. Regulatory uncertainty also looms large, as governments grapple with how to classify and oversee these assets—some embrace them, while others impose strict bans. High-profile scams, hacks, and environmental concerns tied to energy-intensive mining processes further fuel skepticism about crypto’s long-term viability.
Despite these hurdles, adoption continues to grow, with institutions and individuals alike diving into the space. Major companies like Tesla and PayPal have integrated crypto into their operations, while countries like El Salvador have even adopted Bitcoin as legal tender. The rise of non-fungible tokens (NFTs) and the metaverse has also expanded crypto’s cultural footprint, blending finance with art, gaming, and virtual reality. This mainstream momentum suggests that cryptocurrency is no longer a fringe experiment but a force reshaping global economies.
Looking ahead, the future of crypto hinges on balancing innovation with stability. As developers refine blockchain scalability and energy efficiency, and as regulators craft clearer frameworks, crypto could solidify its role in everyday life. Whether it becomes a dominant financial system or a niche alternative remains uncertain, but its impact is undeniable. For now, cryptocurrency stands as a bold experiment—one that challenges traditional notions of money and power while inviting both dreamers and skeptics to shape its destiny.
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Peer-to-Peer (P2P) trading is a popular way to buy and sell cryptocurrency directly with other users. While Binance’s P2P platform is secure, scammers still attempt to exploit unsuspecting traders. Here’s how to stay safe and protect your assets.
🛡️ 5 Ways to Protect Yourself from P2P Scams
1. Always Use Verified Platforms
Stick to reputable platforms like Binance P2P, which provide an escrow service to protect your transactions. Avoid trading outside the platform, even if the other party seems trustworthy.
💡 Why It’s Important: Escrow ensures funds are only released when both parties meet the trade’s terms.
2. Verify the Buyer/Seller’s Reputation
Before trading, check the other party’s:
Rating and reviews: Look for high ratings and positive feedback.Trading history: Avoid users with little to no trading activity or suspicious behavior.
💡 Tip: Use the "Verified" or "Trusted Merchant" feature on Binance P2P for added safety.
3. Double-Check Payment Details
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Ensure the payment is received in your account before releasing crypto.
Check for cleared funds in your bank account or wallet (not just a payment notification).Match the name on the payment with the buyer’s details on Binance.
⚠️ Common Scam: Fake payment screenshots or canceled transactions after marking them as "Paid."

4. Beware of Social Engineering Tricks
Scammers often use emotional manipulation or fake urgency to trick you.
Don’t let anyone pressure you into completing a trade quickly.Avoid sharing personal information like your email, phone number, or wallet address outside the platform.
💡 Example: Scammers may claim to have “urgent family issues” to rush the trade.
5. Enable Two-Factor Authentication (2FA)
Add an extra layer of security to your Binance account.
Use Google Authenticator or SMS-based 2FA to secure your account.Never share your 2FA codes with anyone.
⚠️ Warning: Scammers may impersonate Binance support to ask for your codes. Binance will never request sensitive information.
⚠️ Common P2P Scam Alerts
Fake Payment Proofs:
Scammers may upload fake payment screenshots and mark the transaction as "Paid." Always verify the payment in your account directly.Overpayment Scams:
The scammer intentionally “overpays” and asks you to refund the extra amount. This could be part of a chargeback scam.Impersonation of Binance Staff:
Be cautious of users claiming to be Binance employees offering “help” during a trade. Binance support will only communicate through official channels.Off-Platform Deals:
Some scammers offer a “better rate” if you complete the trade outside Binance. Doing so forfeits the protection of the escrow service.Phishing Links:
Never click on unknown links shared in chats, as they may lead to phishing websites designed to steal your credentials.
🚨 Final Tips for Staying Safe
Trade only on Binance’s secure P2P platform with escrow protection.Always verify payment details before releasing funds.Enable account security features like 2FA.Stay informed about common scams and red flags.
Your safety is in your hands. Be cautious, stay alert, and happy trading!

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