India uncovers new cryptocurrency scam targeting job seekers
Crypto investors in India are falling victim to a new type of cryptocurrency scam, where fraudsters pose as job recruiters and deceive their potential victims. One such victim is Naved Alam, a 22-year-old resident of Pune, India, who lost approximately $3000 worth of his crypto funds after being contacted by potential employers.
Alam shared his story on March 31, hoping to raise awareness and prevent others from going through the same ordeal. He explained that a user on the platform X, named ‘crankybugatti’, approached him about a potential role as a product designer in his field. The employers introduced him to an opportunity related to a web3 communication app called ‘SocialSpectra’. Subsequently, Alam was asked to continue the conversation on Discord, which seemed normal at the time.
However, the real scam unfolded when the fake recruiters expressed their admiration for Alam’s work and proceeded with an HR interview. Alam received a call from someone claiming to be from HR, who sent him an onboarding link. According to Alam, the link turned out to be spyware disguised as an international communication app.
As a result, the malware infiltrated Alam’s Phantom wallet and liquidated his staked assets on the Solana-based defi platform Kamino Finance. In just a matter of moments, he lost $3000 to scammers taking advantage of unsuspecting individuals in search of legitimate opportunities.
Alam reached out to ‘crankybugatti’ and requested his money back. However, the fraudster denied involvement in the scheme and promised to resolve the issue by contacting a friend who works in cybersecurity. Alam expressed doubt about this claim.
At the time of publication, the fraudster’s X account had been suspended. Interestingly, this scam took place while regulators in India are intensifying their efforts to combat illicit activities involving cryptocurrencies. Last month, India’s Enforcement Directorate (ED) filed a charge sheet against 299 entities for violating anti-money laundering laws, following cases of investors being deceived by fraudsters offering crypto mining investments.
On a global scale, South Korean authorities recently dismantled a similar scam that defrauded victims of over $4.1 million. The victims were promised significant profits from cryptocurrency investments.
It is crucial for crypto investors to remain vigilant and cautious when approached by potential employers or investment opportunities. Scammers are constantly devising new tactics to exploit unsuspecting individuals, making it essential to thoroughly research and verify any offers before proceeding.
