Wednesday, May 22, 2024

Two Indian-Origin Canadian Nationals indicted for prodigious Bitcoin Fraud

There’s always a risk when you are playing with fire, isn’t it? Trading in cryptocurrencies is no exception as most of the trading is done online and cybercrime can hit you bad. So was the case a few days ago as the Bitcoin fraud was dealt with. Two Indian-origin Canadian Nationals were charged by US state of Oregon. The allegedly stole 23.2 Bitcoins which are worth nearly $233,000. Cryptocurrencies are a tricky affair to deal with anyways, let alone getting pilferage online. Cybercrime is making its mark more than more than ever. One has to be very aware of online platforms to avoid such happenings.

  • It all happened through Twitter, YES! You heard it right

The alleged, named as Karanjit Singh Khatkar aged 23 and Jagroop Singh Khatkar aged 24, posed themselves as customer service personnel of HitBTC.

So actually, they went on twitter, made an account named as HitBTCAssist. Moving on, they tricked victims through this fraudulent account. They told the victims that they worked for the Hong Kong based exchange named HitBTC. Woman got mingled into their trap and gave away her login details. They used the Kraken accounts to transfer about 23.2 Bitcoins to their own account.

  • They were alleged with multiple charges:

Both the defendants from Indian Origin were alleged with several charges. It included facing one count each of conspiracy in wire fraud and money laundering. There were three accounts of aggravated identity theft. Five counts for wire fraud and multiple different counts of money laundering. Karanjit was arrested at the McCarran International Airport while trying to fly away. But his partner in crime, Jagroop is still under the covers trying to hide in Bushes.

  • Is there a sound way to counter these crimes?

We have all heard this, one time or the other that Prevention is better than cure. Prevention only comes through awareness. One has to be very proactive and beware of his whereabouts in order to survive the worst case scenario. All the cautions should be adroitly taken to avoid such happenings. Though, there remains no doubt that the system is there to protect you once it becomes inevitable. But at first, relating to the current scenarios, you must always double check before providing any kind of personal details. So, firstly, no personal details should be provided to anyone whom you don’t know of. Secondly, in an inevitable case, you must check a few times before passing on the information. Thirdly, if you still get trapped, though chances would be significantly reduced, then you can go on and seek help through the system in place. Consequently, there are ways to counter such crimes, but first they should be avoided at best possible level.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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