Crypto Scam: Hyderabad Businessman Loses Rs 1.5 Million In Crypto Scam | Hyderabad News

A businessman in Hyderabad lost Rs 1.49 crore after his crypto exchange account was allegedly compromised. He bought 4.98 BTC worth… Read more A businessman in Hyderabad lost ₹1.49 crore after his crypto exchange account was allegedly compromised. He purchased 4.98 BTC worth ₹1.49 Crore from a Dubai resident and found that the Bitcoins were transferred to his wallet. However, he later discovered that his wallet balance was zero and received an email saying that someone had hacked his account using seed words. The victim suspects that someone who knew about his transactions was responsible for the illegal transfer. A complaint was lodged with cybercrime detectives, who have opened a criminal case. Read Less HYDERABAD: A city-based businessman investing in cryptocurrency lost Rs 1.49 crore after his account at a crypto exchange was allegedly compromised. He contacted the cyber crime police to file a report.

The victim lodged a complaint with the cyber crime sleuths who initiated a criminal case under Section 420 (Fraud) of the IPC and IT Act. The victim, wanting to make quick profits, decided to test his luck and bought Bitcoins in the last week of October. He claimed that he purchased 4.98 BTC worth ₹1.49 Crore from a Dubai resident. He even received a confirmation for the payment. The victim took the help of his friend in Dubai to raise money and the amount was paid in UAE dirhams.

After the transaction, he found that the Bitcoins were transferred to his blockchain wallet. An hour later, however, he checked his wallet again. He discovered that the balance in his wallet was zero. At the same time, he received an email from Blockchain.com informing him that someone had accessed his wallet using seed words (a set of words generated by the cryptocurrency wallet to access the cryptocurrency associated with that wallet to enable) “restored”.

“The 12 secret code words that someone had hacked into my account were used. The bitcoins were transferred from my wallet to a particular wallet,” the complainant, a native of Borabanda, told police. He also shared the alphanumeric account where the Bitcoins were transferred without his knowledge. Officials said the victim had previously made two transactions purchasing Bitcoins. In the first transaction he had bought one coin, in the second transaction he bought the remaining coins. The complainant suspects that someone who knew about his transactions was behind the illegal transfer of Bitcoins.

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