It has come to light that few Banks & PayTM have frozen accounts of several people across different states of India for receiving money from an account which was allegedly hacked in a unique case where a hacker is said to have forged identities on well known exchanges and engaged in fraudulent transactions.
This action was taken in wake of FIR lodged by "iserveu Technology" in Bhubaneswar u/s 420 IPC & 66C,66D of ITA according to the tweet from CryptoKanoon with cases being dealt by their legal advisor Mohammed Danish.
Now there's a video that tells you exactly how the hacker operates and it's shocking to understand how the processes of exchanges that we trust have failed us.
Modus Operandi of the hacker is quite simple. He uses Fake ids and does KYC on Indian exchanges. Then using hacked bank + hacked PayTM accounts to transfer money to sellers of USDT/Crypto on P2P exchanges and makes a run with as much crypto into their wallets as possible.
Once the sale is complete, the seller is happy to have received the money only to have their account frozen by the bank at a later date and an FIR lodged against them.
The complete details is in the video below and highly recommend you to watch it.
While no exchanges have been named in particular it's quite easy to figure out from the video which ones been used by this hacker for his fraudulent activities.
Infact, I've noticed unnaturally high USDT buy rate matches on a certain Indian exchange during trading in the past 2 weeks when selling some USDT for INR. Ofcourse, that doesn't mean anything but the values mentioned in the videos is something I've witnessed during the time I was trading.
Luckily I didn't set any sell orders at those prices and so far I haven't faced any issues.
Anyway, please watch the following video from CryptoKanoon completely. It is in Hindi and if you have any issues understanding any part of it feel free to ask me questions in the comments and I will answer.
How to safe guard yourself against such eventualities is a question that's probably on your mind at the moment. I will try to answer them in another post.
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