The Commission announced charges against Sun, a Crypto exchange platform and three of his wholly-owned companies, Tron Foundation Limited, BitTorrent Foundation and Rainberry for the unregistered offer and sale of crypto asset securities Tronix and BitTorrent. On The Money Show, Kavita Thapliyal discussed all this Ritesh Bhatia, Cybercrime Investigator and Cybersecurity Consultant.
Updated Apr 3, 2023 | 09:10 PM IST
The Commission announced charges against Sun, a Crypto exchange platform and three of his wholly-owned companies, Tron Foundation Limited, BitTorrent Foundation and Rainberry for the unregistered offer and sale of crypto asset securities Tronix and BitTorrent.
Let’s understand what happened with 7 Hollywood celebrities against whom lawsuit has been filed and what type of Crypto scam is this? In his response to the questions, Mr. Bhatia said “I wouldn’t say this a Crypto scam as such because these were the celebrities who just endorsed it. When they endorsed this particular exchange or for a particular Crypto, least they knew that this would just go away. That’s exactly what happened here and there have major issues with this. So, this is just a part of it which brings us to a very important thing that, just because these are some celebs are endorsing Cryptos or gaming websites, please do your due diligence before putting your money in to it. Many countries including India have certain guidelines for the celebrities and I think these celebrities are not going through these guidelines. Those guidelines are very stringent in India as well. And they must go through them before endorsing such products.”
In India, an outlay of guidelines against endorsing any kind of product but also all kinds of and this is for the social media influencer as well as for celebrities that we are talking about. What exactly is the modus operandi of Crypto scams which are also rising in numbers?
“If we see the current trending, one is that where your friends accounts are hacked or being impersonated and pig butchering. So, the pig butchering is something wherein you will get from a random person whom you wouldn’t know. Then they will slowly start talking to you in romantic way to induce to invest in Cryptos. They will even ask you for digital wallet keys or might ask you to transfer funds to a different wallet. They can also insist that you should buy more and more Crypto.”
For full analysis, watch the video
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