Days back one of the exchange in the country came up with a proposal to regulate cryptocurrencies and avoid complete ban of cryptocurrencies usage within the country. When such good news pops out people go positive on using cryptocurrency. By the same time there is a news about an exchange scamming people with more than $60 million.
More than forty people who got scammed have complained about the exchange to the Delhi police. I've never come across the exchange named Pluto. This exchange has got almost seven executives who are the team. It is a new kind of trap, because with the people who doesn't have much knowledge about cryptocurrency they've mentioned about creating their own cryptocurrency and assured of 30% - 40% return monthly. This has made more users to invest and finally ended as a trap, and the office have got relocated to Dubai closing the office in India.
Similar such incidents will be mentioned as a reason by the government when applied for regulated usage of cryptocurrencies. More Scams in the name of cryptocurrency is truly destroying the true quality of cryptocurrency and it's features. Hope the change happens soon creating positivity among common people about cryptocurrency.
Source :
bitcoin.comScam cryptocurrency exchanges could be everywhere. Scammers have big organizations that doing these scams and we can't really stop it. These scams have a big effect in the cryptocurrency community preventing the adaptation because most of the people are afraid to try crypto because they thought that online currencies or online investment are just scams. I think the government could educate people with cryptocurrency to avoid this problem. If people have knowledge in crypto they are a low chance for them to get scam. Newbies most likely get scam because they don't have the knowledge it bitcoin or cryptocurrency and then easily get carried by a big profit that a scam investment promise.