The Indian cyber crime dept. seized crypto users bank accounts citing P2P scams.
Many investors lost their funds and accounts in P2P UPI transactions.
The “seizure of multiple Binance P2P-linked bank accounts” sent a shockwave through the Indian crypto community as the country stepped forward to secure the people from scams and fraudulent activities using P2P UPI transactions, following the Rs. 2 lakh (around $2420) fund scam, which is circulated in the chain.
The Indian government’s ‘cyber security department’ is seizing all bank accounts using peer-to-peer technology, citing issues with scams and fraudulent activities. Many users of the largest cryptocurrency exchange, Binance and Coinbase are experiencing distressing incidents related to P2P scams in India.
The issues have been ongoing since mid-April. Recently, TheNewsCrypto also published an article about the issue that still exists.
However, despite the “victims’ loud calls for help,” the crypto exchange Binance, or CEO Changpeng Zhao, aka CZ, has not yet responded to anything. Also, the crypto regulators and the communities are not doing anything to address the issue.
Increasing Conflicts Over Indian Crypto Accounts
The cyber police are freezing the bank accounts of common citizens who have no clue if the counterparty is ‘genuine or a scammer’. Even though the victims provided the necessary details to the investigating officers, they have not received any response or assistance thus far. If one account is blocked in P2P, then all connected accounts will also be blocked.
Further, netizens from the crypto community in India started posting tweets to let others know about the suspicious event. Also, the P2P scam victims have formed a telegram group named “P2P Victims: Bank Seized” to discuss the cyber crime actions. The group has more than 1,500 members, and they aim to create awareness among the public. Still, it’s unknown how many have been affected by this.
Moreover, some famed people are also working on highlighting the issues. However, the government can provide some guidelines on how to proceed with the transactions without affecting the common people.