India Orders Shutdown of 38 Fraudulent Crypto Sites

The Delhi High Court has taken a significant step to protect cryptocurrency investors by ordering the shutdown of 38 fraudulent websites impersonating the cryptocurrency exchange Mudrex. This decisive action aims to safeguard investors and restore confidence in the cryptocurrency sector.

Details of the Court Order

The court has mandated the Indian Ministry of Communications to take down these scam websites within one week. This ruling follows a petition by Mudrex, a legitimate cryptocurrency investment firm, which reported that these fake sites were misusing its name and trademarks to deceive users.

How the Scam Worked

The scammers created websites that closely resembled Mudrex’s official site and impersonated Mudrex staff on platforms like Telegram. They lured victims by offering rewards and job opportunities in exchange for tasks such as writing Google reviews. These fraudulent activities led to significant financial losses and damage to Mudrex’s reputation.

Impact on Victims

Mudrex reported complaints from around 15 individuals who were scammed, but the actual number of victims is estimated to be around 1,000. The total financial losses are believed to exceed $50,000. The court’s decision to shut down these websites is expected to prevent further losses and protect potential future victims.

Steps Taken by Mudrex

In response to the scam, Mudrex has issued advisories to its users to exercise caution and verify the authenticity of any communication claiming to be from Mudrex. The company is committed to protecting its users and maintaining the integrity of its brand. Mudrex’s legal actions and the court’s ruling are crucial steps in ensuring a safer environment for cryptocurrency investors.