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Indians visited crypto scam websites more than 17.8 million times in 2020.

Crypto scams include phishing websites designed to steal sensitive information from users, as well as ponzi schemes and fake investment plans like Morris Coin.

Some crypto scams are also disseminated on messaging apps like WhatsApp and Telegram.

“In a few cases, we have seen employees of cryptocurrency exchanges sharing databases of cryptocurrency owners with cybercriminals, who use this information to start cyberattacks using SMS or even WhatsApp messages with phishing links to takeover crypto accounts," said Rahul Tyagi, co-founder, Safe Security (formerly Lucideus), a home-grown cybersecurity firm.

In fact, cybersecurity and crypto experts have been flagging an increase in cryptocurrency-related frauds and scams since 2020, the year which marked the start of growth in India’s crypto industry.

To be sure, the crypto industry in India has begun educating users about cryptocurrencies.